Penalty interaction: books and records penalty operates without prejudice to under reporting and misreporting penalty.

The amendment inserts the words section 270A or into section 271A to make the penalty for failure to keep, maintain or retain books and documents applicable without prejudice to the penalty for under reporting and misreporting of income under section 270A; the change is consequential on the insertion of section 270A and applies from the stated effective date to the relevant assessment year and subsequent years.

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