Section 271BB of Income Tax Act 1961

Section 271BB of Income Tax Act 1961

Failure to subscribe to the eligible issue of capital

Whoever fails to subscribe any amount of subscription to the units issued under any scheme referred to in sub-section (1) of section 88A to the eligible issue of capital under that sub-section within the period of six months specified therein, may be directed by the Joint Commissioner to pay, by way of penalty, a sum equal to twenty per cent of such amount.