Section 49 - Amendment of section 273 - Taxation Laws (Amendment) Act, 1984

49. Amendment of section 273. In section 273 of the Income-tax Act, in sub-section (2), the Explanation shall be numbered as Explanation 1 and after Explanation 1 as so numbered, the following Explanation shall be inserted, namely: Explanation 2. When the person liable to penalty is a registered firm or an unregistered firm which, has been assessed under clause (b) of section 183, then, notwithstanding anything contained in the other provisions of this Act, the penalty imposable under this section shall be the same amount as would be imposable on that firm if that firm were an unregistered firm. .