India - Income Tax Act 2010 - Saarc

S. 271 I.T. ACT, 1961 1.902Chapter not to apply to certain transfers.269UO. The provisions of this Chapter shall not apply to or in relation to anyimmovable property where the agreement for transfer of such propertyis made by a person to his relative on account of natural love and affection,if a recital to that effect is made in the agreement for transfer.]93[Chapter not to apply where transfer of immovable property effected aftercertain date.269UP. The provisions of this Chapter shall not apply to, or in relation to, thetransfer of any immovable property effected on or after the 1st day ofJuly, 2002.]CHAPTER XXIPENALTIES IMPOSABLEFailure to furnish information regarding securities, etc.270. 94 [Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.]95[Failure to furnish returns, comply with notices, concealment of income, etc.96271. (1) If the 97 [Assessing] Officer or the 98 [***] 99 [Commissioner (Appeals)]1[or the Commissioner] in the course of any proceedings under this Act,is satisfied that any person—(a) 2 [* * *](b) has 3 [* * *] failed to comply with a notice 4 [under sub-section (2) ofsection 115WD or under sub-section (2) of section 115WE or] undersub-section (1) of section 142 or sub-section (2) of section 143 5 [or failsto comply with a direction issued under sub-section (2A) of section142], or93. Inserted by the Finance Act, 2002, w.e.f. 1-7-2002.94. Earlier, section 270 was amended by the Taxation Laws (Amendment & MiscellaneousProvisions) Act, 1986, w.e.f. 10-9-1986.95. Restored to its original version by the Direct Tax Laws (Amendment) Act, 1989, w.e.f.1-4-1989.96. See also relevant extracts of Minutes of 10th Meeting of DTAC held on 23-12-1967, CircularNo. 17D of 1965 and Press release No. 13/2008 (No. 402/92/2006-MC), dated 20-3-2008.For details, see Taxmann’s Master Guide to Income-tax Act.97. Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.98. Words “Deputy Commissioner (Appeals) or the” omitted by the Finance (No. 2) Act, 1998,w.e.f. 1-10-1998. Earlier, “Deputy Commissioner (Appeals)” was substituted for “AppellateAssistant Commissioner” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988and “or the” was inserted by the Finance (No. 2) Act, 1977, w.e.f. 10-7-1978.99. Inserted by the Finance (No. 2) Act, 1977, w.e.f. 10-7-1978.1. Inserted by the Finance Act, 2002, w.e.f. 1-6-2002.2. Omitted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. Prior to itsomission, clause (a) was amended by the Finance Act, 1963, w.e.f. 28-4-1963 and TaxationLaws (Amendment & Miscellaneous Provisions) Act, 1986, w.e.f. 10-9-1986.3. Words “without reasonable cause” omitted by the Taxation Laws (Amendment & MiscellaneousProvisions) Act, 1986, w.e.f. 10-9-1986.4. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006.5. Inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976.