Insertion of new section 271GC.

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..... sh statement under section 285, fails to do so within the period prescribed under that section, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of (a) one thousand rupees for every day for which the failure continues, if the period of failure does not exceed three months; or (b) one lakh rupees in any other case. . - Clause 80 of the Bill seeks to insert a new .....

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