Special audit and valuation compliance attracts imprisonment, fine, or both for wilful non-compliance under the income-tax law. Wilful failure to comply with a direction issued under section 268(5) for special audit or valuation is punishable with simple imprisonment up to six months, or with fine, or with both. The provision replaces the earlier section, which also covered failure to produce accounts and documents and carried a more severe punishment.
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Special audit and valuation compliance attracts imprisonment, fine, or both for wilful non-compliance under the income-tax law.
Wilful failure to comply with a direction issued under section 268(5) for special audit or valuation is punishable with simple imprisonment up to six months, or with fine, or with both. The provision replaces the earlier section, which also covered failure to produce accounts and documents and carried a more severe punishment.
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