Section 29 - Amendment of Section 217 - Finance Act, 1978

29. Amendment of Section 217 In section 217 of the Income-tax Act, with effect from the 1st day of June, 1978, - (a) in sub-section (1), - (i) for the portion beginning with the words the Income-tax Officer finds that any such person and ending with the words twelve per cent. per annum , the following shall be substituted, namely :- the Income-tax Officer finds - (a) that any such person as is referred to in clause (a) of sub-section (1) of section 209A has not sent the statement referred to in that clause or the estimate in lieu of such statement referred to in sub-section (2) of that section; or (b) that any such person as is referred to in clause (b) of sub-section (1) of section 209A has not sent the estimate referred to in that clause, simple interest at the rate of twelve per cent. per annum ; (ii) for the words the said sub-section , the words, brackets and figures the said sub-section (1) or sub-section (2) shall be substituted; (b) in sub-section (1A), - (i) after the words the Income-tax Officer find that , the words, brackets, figures and letter any person who is required to send an estimate under sub-section (4) of section 209A or shall be inserted; (ii) for the words the said sub-section the words, brackets, figures and letter the said sub-section (4) or, as the case may be, sub-section (3A) shall be substituted.