Penalty under section 272A: fixed prescribed amount by amendment, replacing prior variable range for subsequent assessments. The amendment substitutes the graduated penalty wording in section 272A of the Income tax Act with a fixed monetary specification, removing the prior ... Summary
Penalty under section 272A: fixed prescribed amount by amendment, replacing prior variable range for subsequent assessments.
The amendment substitutes the graduated penalty wording in section 272A of the Income tax Act with a fixed monetary specification, removing the prior minimum to maximum range and applying the substituted single amount provision with effect from the first day of June, 1999.
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