Scope of penalty provision expanded to include specified domestic transactions, altering compliance under income tax law. The Finance Act, 2012 substitutes the phrase 'international transaction' in Explanation 7 to sub section (1) of section 271 with 'international transaction or specified domestic transaction,' thereby extending the explanatory wording to include specified domestic transactions; the substitution takes effect from the first day of April, 2013.
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Provisions expressly mentioned in the judgment/order text.
Scope of penalty provision expanded to include specified domestic transactions, altering compliance under income tax law.
The Finance Act, 2012 substitutes the phrase "international transaction" in Explanation 7 to sub section (1) of section 271 with "international transaction or specified domestic transaction," thereby extending the explanatory wording to include specified domestic transactions; the substitution takes effect from the first day of April, 2013.
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