Amendment of section 271AAB.
73. In section 271AAB of the Income-tax Act,––
(a) in sub-section (1), in the opening portion, after the words “The Assessing Officer”, the words and brackets “or the Commissioner (Appeals)” shall be inserted;
(b) in sub-section (1A), in the opening portion, after the words “The Assessing Officer”, the words and brackets “or the Commissioner (Appeals)” shall be inserted;
(c) in the Explanation, in clause (a), for the words figures and letter “under section 153A”, the words, figures and letter “under section 148 or under section 153A, as the case may be,” shall be substituted and shall be deemed to have been substituted with effect from 1st April, 2021.
Notes on Clauses:
Clause 73 seeks to amend the section 271AAB of the Income-tax Act relating to penalty where search has been initiated. Sub-sections (1) and (1A) of the said section, inter alia, enables the Assessing Officer to levy penalty in cases where search has been initiated under section 132.
It is proposed to amend sub-sections (1) and (1A) of the said section to extend the powers to levy penalty to Commissioner (Appeals) also.
These amendments will take effect from 1st April, 2022.
The Explanation to the said section defines certain expressions for the purposes of the said section.
It is proposed to amend clause (a) of the said Explanation to make applicable a notice issued under section 148 also, in case where search is initiated on or after 1st April, 2021.
This amendment will take effect retrospectively from 1st April, 2021.
