Offence for improper repayment of deposit: criminal sanction and fine were provided historically; provision has since been omitted. Section 276E previously established an offence for repayment of deposits contrary to section 269T, attracting imprisonment and a fine equal to the ... Summary
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Offence for improper repayment of deposit: criminal sanction and fine were provided historically; provision has since been omitted.
Section 276E previously established an offence for repayment of deposits contrary to section 269T, attracting imprisonment and a fine equal to the deposit; the clause was inserted in 1981 and later amended and ultimately omitted, so the specific penal provision has been removed from the Income-tax Act.
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