Section 53 - Amendment of section 271C - Finance Act, 1997

53. Amendment of section 271C In section 271C of the Income-tax Act, for sub-section (1), the following sub-section shall be substituted with effect from the 1st day of June, 1997, namely :- (1) If any person fails to - (a) deduct the whole or any part of the tax as required by or under the provisions of Chapter XVII-B; or (b) pay the whole or any part of the tax as required by or under, - (i) sub-section (2) of section 115-O; or (ii) second proviso to section 194B, then, such person shall be liable to pay, by way of penalty, a sum equal to the amount of tax which such person failed to deduct or pay as aforesaid. .