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    <title>BUDGETARY AMENDMENTS ON CHAPTER XXI OF INCOME TAX ACT, 1961 DEALING WITH PENALTIES IMPOSABLE</title>
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    <description>Amendments extend the decision period for applications for immunity from penalty, insert a deemed cutoff for search-related penalty applicability, omit the penalty for failure to subscribe to certain capital issues, transfer specified penalty-imposition powers from the Joint Commissioner to the Assessing Officer, and substitute section 275 to reframe time-bars, revision rights, hearing requirements, and excluded periods in computing limitation for passing penalty orders.</description>
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      <description>Amendments extend the decision period for applications for immunity from penalty, insert a deemed cutoff for search-related penalty applicability, omit the penalty for failure to subscribe to certain capital issues, transfer specified penalty-imposition powers from the Joint Commissioner to the Assessing Officer, and substitute section 275 to reframe time-bars, revision rights, hearing requirements, and excluded periods in computing limitation for passing penalty orders.</description>
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