# The Finance Act, 1990, Section 43: Insertion of new section 271BB

- Act: The Finance Act, 1990 (Act 12 of 1990)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1990/section/43/

## Text

Insertion of new section 271BB 43. After section 271B of the Income-tax Act, the following section shall be inserted, namely: — "271BB. 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 Deputy Commissioner to pay, by way of penalty, a sum equal to twenty per cent. of such amount.". [Finance Act, 1990] © Copyright. Taxmann Publications Pvt. Ltd.

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