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Substitution of new sections for sections 480 and 481.

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....w sections for sections 480 and 481. 115. For sections 480 and 481 of the Income-tax Act, the following sections shall be substituted, namely:-- Failure to furnish return of income setting....

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....fty lakh rupees; or (b) with simple imprisonment up to six months, or with fine, or with both, where the amount of tax exceeds ten lakh rupees but does not exceed fifty lakh rupees; or ....