Unit trust of India or mutual fund to be an assessee in default

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....section 2 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002) or a Mutual Fund and the specified company] or the Mutual Fund, as the case may be, does not pay tax, as is referred to in sub-section (1) or sub-section (2) of section 115R, then, he or it shall be deemed to be an assessee in default in respect of the amount of tax payable by him or it and all the pro....

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....ange Board of India as a liquid fund in accordance with the guidelines issued by it in this behalf under the Securities and Exchange Board of India Act, 1992 (15 of 1992) or regulations made thereunder.]     **************** NOTES:- 1. Inserted vide Section 61 of the Finance Act, 1999 w.e.f. 01-06-1999 2.  Substituted vide Section 58 of the Finance Act, 2....