Bare ActsIncome tax Act, 1961

Section 271BB

Failure to subscribe to the eligible issue of capital.--

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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.

Section 271BB – Income tax Act, 1961 | DailyLaw.ai