Failure to furnish returns of tax bases.

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..... be punishable— (i) in a case where the amount of tax which would have been evaded, if the failure had not been discovered, exceeds one lakh rupees, with rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fine which shall not be less than one hundred rupees but which may extend to five hundred rupees, for every day during which the .....

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