IT Act 1961 271BB — Failure to subscribe to the eligible issue of capital

Income-tax Act, 1961

Statutory text

Whoever fails to subscribe any amount of subscription to the units issued under any scheme referred to in sub-section (1) of section 88A* to the eligible issue of capital under that sub-section within the period of six months specified therein, may be directed by the [Joint Commissioner] to pay, by way of penalty, a sum equal to twenty per cent of such amount.]

Back to IT Act 1961