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 9[Joint Commissioner] to pay, by way of penalty, a sum equal to twenty per cent of such amount.]

¹ Ins. by Act 48 of 2016, s. 4 (w.e.f. 1-4-2017).

² Ins. by Act 21 of 1984, s. 30 (w.e.f. 1-4-1985).

⁴ Subs. by Act 22 of 1995, s. 48, for “obtain a report of such audit as required under section 44AB or furnish the said report along with the return of his income filed under sub-section (1) of section 139, or along with the return of income furnished in response to a notice under clause (i) of sub-section (1) of section 142” (w.e.f. 1-7-1995). Earlier certain words were inserted by Act 26 of 1988, s. 45 (w.e.f. 1-4-1989).

⁵ Subs. by Act 4 of 1988, s. 2, for “Income-tax Officer” (w.e.f. 1-4-1988).

⁶ Subs. by Act 14 of 2010, s. 50, for “one hundred thousand rupees” (w.e.f. 1-4-2011).

⁷ Ins. by Act 14 of 2001, s. 89 (w.e.f. 1-4-2002).

⁸ Ins. by Act 12 of 1990, s. 43 (w.e.f. 1-4-1990).

3. The words “, without reasonable cause,” omitted by Act 46 of 1986, s. 21 (w.e.f. 10-9-1986).

Section 88A omitted by Act 33 of 1996, s. 35 (w.e.f. 1-4-1994).

⁹ Subs. by Act 21 of 1998, s. 3, for “Deputy Commissioner” (w.e.f. 1-10-1998).