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Amendment to section 478: wilful tax evasion now punishable by tiered simple imprisonment or fine based on amount. Amendment of section 478 substitutes sub-sections (1) and (2) to impose a tiered penalty scheme for wilful tax evasion, under reporting, or wilful non-payment: amounts exceeding fifty lakh rupees attract simple imprisonment up to two years or fine or both; amounts exceeding ten lakh but not exceeding fifty lakh attract simple imprisonment up to six months or fine or both; other cases attract fine only.
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Provisions expressly mentioned in the judgment/order text.
Amendment to section 478: wilful tax evasion now punishable by tiered simple imprisonment or fine based on amount.
Amendment of section 478 substitutes sub-sections (1) and (2) to impose a tiered penalty scheme for wilful tax evasion, under reporting, or wilful non-payment: amounts exceeding fifty lakh rupees attract simple imprisonment up to two years or fine or both; amounts exceeding ten lakh but not exceeding fifty lakh attract simple imprisonment up to six months or fine or both; other cases attract fine only.
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