Amendment of section 271AAA.
95. In section 271AAA of the Income-tax Act, in sub-section (1), after the words, figures and letters “on or after the 1st day of June, 2007”, the words, figures and letters “but before the 1st day of July, 2012” shall be inserted.
Notes on Clauses:
Clause 95 of the Bill seeks to amend section 271AAA of the Income-tax Act relating to penalty where search has been initiated.
The existing provision contained in sub-section (1) of the aforesaid section 271AAA provides that in a case where the search has been initiated under section 132 on or after the 1st day of June, 2007, the assessee shall be liable to pay by way of penalty, in addition to tax, if any, payable by him, a sum computed at the rate of ten per cent. of the undisclosed income of the specified previous year.
It is proposed to amend sub-section (1) of the aforesaid section so as to provide that the provisions of the said section shall be applicable in respect of cases where a search has been initiated under section 132 on or after the 1st day of June, 2007 but before 1st day of July, 2012.
This amendment will take effect retrospectively from 1st April, 2012.
