Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Penalty for Not Subscribing to Eligible Capital Issue: Section 271BB Imposes 20% Fine on Unsubscribed Amounts.</h1> Section 271BB, introduced by the Finance Act, 1990, into the Income-tax Act, imposes a penalty for failing to subscribe to the eligible issue of capital as specified under section 88A(1). If an individual does not subscribe to the units issued under the specified scheme within six months, the Deputy Commissioner may impose a penalty equal to 20% of the unsubscribed amount. This provision aims to ensure compliance with capital subscription requirements outlined in the legislation.
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