Section 271BB. Failure to subscribe to the eligible issue of capital

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