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Amendment of section 271

Section 70 - DIRECT TAXES - Income-tax - Finance Act - Section 70 - 70. In section 271 of the Income-tax Act, with effect from the 1st day of April, 2016, in sub-section (1), for Explanation 4, the following Explanation shall be substituted, namely:- Explanation 4.- For the purposes of clause (iii) of this sub-section,- (a) the amount of tax sought to be evaded shall be determined in accordance with the following formula- (A - B) + (C - D) where, A = amount of tax on the total income assessed as .....

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tax that would have been chargeable had the total income assessed as per the provisions contained in section 115JB or section 115JC been reduced by the amount of income in respect of which particulars have been concealed or inaccurate particulars have been furnished: Provided that where the amount of income in respect of which particulars have been concealed or inaccurate particulars have been furnished on any issue is considered both under the provisions contained in section 115JB or section 11 .....

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