Omission of section 271BB.

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ause 76 of the Bill seeks to omit the section 271BB of the Income-tax Act relating to failure to subscribe to the eligible issue of capital. The said section provides that, any person who fails to su .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... t, 1996 with retrospective effect from 1st April, 1994. In the absence of the parent section, relevance of any section on penalty, does not exist. It is, therefore, proposed to omit section 271BB. T .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X