Amendment of section 281B.

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....b-section (1), after the words "escaped assessment", the words, figures and letters "or for imposition of penalty under section 271AAD where the amount or aggregate of amounts of penalty likely to be ....

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....s specified therein, in case of pending assessment or reassessment proceedings so as to protect the interest of revenue. It is proposed to amend sub-section (1) of the said section so as to provide....