Substitution of new section for section 17A

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....on shall be substituted, namely :- '17A. Penalty for failure to answer questions, sign statements, furnish information, allow inspection, etc. (1) If a person, - (a) being legally bound to state the truth of any matter touching the subject of his assessment, refuses to answer any question put to him by a gift-tax authority in the exercise of his powers under this Act; or (b) refuses to....

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....ch person is bound to furnish to the Assessing Officer under section 37, he shall pay, by way of penalty, a sum which shall not be less than one hundred rupees but which may extend to two hundred rupees for every day during which the failure continues: Provided that no penalty shall be imposable under this sub- section if the person proves that there was reasonable cause for the said failure. ....