Section 68 - Insertion of new section 272BB - Finance Act, 1987

68. Insertion of new section 272BB In the Income-tax Act, after section 272B, the following section shall be inserted with effect from the 1st day of June, 1987, namely :- 272BB. Penalty for failure to comply with the provisions of section 203A. - (1) If a person fails to comply with the provisions of section 203A, he shall, on an order passed by the Income-tax Officer, pay, by way of penalty, a sum which may extend to five thousand rupees. (2) No order under sub-section (1) shall be passed unless the person on whom the penalty is proposed to be imposed is given an opportunity of being heard in the matter.