Amendment of section 271AAC.
74. In section 271AAC of the Income-tax Act, in sub-section (1), after the words “The Assessing Officer”, the words and brackets “or the Commissioner (Appeals)” shall be inserted.
Notes on Clauses:
Clause 74 seeks to amend the section 271AAC of the Income-tax Act relating to penalty in respect of certain income. Sub-section (1) of the said section, inter alia, enables Assessing Officer to levy penalty in cases where the income determined includes any income referred to in section 68, section 69, section 69A, section 69B, section 69C or section 69D for any previous year.
It is proposed to amend sub-section (1) of the said section, to extend the powers to levy penalty to the Commissioner (Appeals) also.
This amendment will take effect from 1st April, 2022.
