Substitution of new section for section 271AA.

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..... on 271AA of the Income-tax Act, the following section shall be substituted with effect from the 1st day of July, 2012, namely: "271AA. Penalty for failure to keep and maintain information and document .....

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..... urnishes an incorrect information or document, the Assessing Officer or Commissioner (Appeals) may direct that such person shall pay, by way of penalty, a sum equal to two per cent of the value of eac .....

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