Insertion of new section 271A

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..... ction 271 of the Income-tax Act, the following section shall be inserted, namely: - "271A. Failure to keep, maintain or retain books of account, documents, etc.- Without prejudice to the provision .....

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..... such person shall pay, by way of penalty," a sum which shall not be less than ten per gent, but which shall not exceed fifty per cent, of the amount of the tax, if any, which would have been avoided i .....

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