Failure to give notice of discontinuance
Failure to give notice of discontinuance.
272. Where any person fails to give the notice of discontinuance of his business or profession as required by sub-section (3) of section 176, the Income-tax Officer may direct that a sum shall be recovered from him by way of penalty which shall not be less than ten per cent of the tax but which shall not exceed the amount of tax subsequently assessed on him in respect of any income of the business or profession up to the date of its discontinuance.
[As amended by the Finance Act, 1980 and the Finance (No. 2) Act, 1980]