Section 271BB - Failure to subscribe to the eligible issue of capital - Income-tax Act, 1961

1 [Failure to subscribe to the eligible issue of capital. 271BB. Whoever fails to subscribe any amount of subscription to the units issued under any scheme referred to in sub-section (1) of section 88A 2 to the eligible issue of capital under that sub-section within the period of six months specified therein, may be directed by the 3 [Joint] Commissioner to pay, by way of penalty, a sum equal to twenty per cent of such amount.] ----------------------- Notes :- 1. Inserted by the Finance Act, 1990, w.e.f. 1-4-1990. 2. Section 88A has now been omitted by the Finance (No. 2) Act, 1996, w.r.e.f. 1-4-1994. 3. Substituted for Deputy by the Finance (No. 2) Act, 1998, w.e.f. 1-10-1998.