Penalty provision amendment under section 276CC increases monetary ceiling and reduces maximum imprisonment term, effective from July 2012. Amendment adjusts the penal sanction under section 276CC of the Income-tax Act effective from 1 July 2012 by altering both the monetary ceiling and the custodial component. The statutory change raises the maximum monetary penalty previously prescribed and contemporaneously reduces the maximum term of imprisonment for the offence specified in that provision.
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Provisions expressly mentioned in the judgment/order text.
Penalty provision amendment under section 276CC increases monetary ceiling and reduces maximum imprisonment term, effective from July 2012.
Amendment adjusts the penal sanction under section 276CC of the Income-tax Act effective from 1 July 2012 by altering both the monetary ceiling and the custodial component. The statutory change raises the maximum monetary penalty previously prescribed and contemporaneously reduces the maximum term of imprisonment for the offence specified in that provision.
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