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of <h1>Taxation Laws (Amendment) Act, 1984: Section 273 updated with new penalty rules for firms under section 183.</h1> Section 273 of the Income-tax Act, 1961, is amended by the Taxation Laws (Amendment) Act, 1984. In sub-section (2), the existing Explanation is renumbered as Explanation 1, and a new Explanation 2 is added. Explanation 2 specifies that if a firm, whether registered or unregistered, is assessed under clause (b) of section 183, the penalty imposed shall be equivalent to the amount that would apply if the firm were unregistered, overriding other provisions of the Act.
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