Amendment of section 217

Section 29 of the Finance Act, 1978 deals with amendment of section 217. Amendment of section 217. 29. In section 217 of the Income-tax Act, with effect from the 1st day of June, 1978,— (a) in sub-section (1),— (i) for the portion beginning with the words " the Income-tax Officer finds that any such person " and ending with the words " twelve per cent. The Act was enacted on 12 May 1978.

Amendment of section 217.

29. In section 217 of the Income-tax Act, with effect from the 1st day of June, 1978,—

(a) in sub-section (1),—

(i) for the portion beginning with the words " the Income-tax Officer finds that any such person " and ending with the words " twelve per cent. per annum ", the following shall be substituted, namely :—

" the Income-tax Officer finds—

(a) that any such person as is referred to in clause (a) of subsection (1) of section 209A has not sent the statement referred to in that clause or the estimate in lieu of such statement referred to in sub-section (2) of that section ; or

(b) that any such person as is referred to in clause (b) of subsection (1) of section 209A has not sent the estimate referred to in that clause, simple interest at the rate of twelve per cent. per annum " ;

(ii) for the words " the said sub-section ", the words, brackets and figures " the said sub-section (1) or sub-section (2) " shall be substituted ;

(b) in sub-section (1A),—

(i) after the words " the Income-tax Officer finds that ", the words, brackets, figures and letter " any person who is required to send an estimate under sub-section (4) of section 209A or " shall be inserted;

(ii) for the words " the said sub-section", the words, brackets, figures and letter " the said sub-section (4) or, as the case may be, subsection (3A) " shall be substituted.

[Finance Act, 1978]

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Section 29, The Finance Act, 1978 (Act 19 of 1978).