Amendment of section 271FA.

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..... amend section 271FA of the Income-tax Act relating to penalty for failure to furnish statement of financial transaction or reportable account. The said section provides that if a person who is required to furnish the statement of financial transaction or reportable account under sub-section ( 1 ) of section 285BA, fails to furnish such statement within the prescribed time, he shall be liable to p .....

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