Amendment of section 271AAD.
75. In section 271AAD of the Income-tax Act,––
(i) in sub-section (1), in the long line, after the words “the Assessing Officer”, the words and brackets “or the Commissioner (Appeals),” shall be inserted;
(ii) in sub-section (2), after the words “the Assessing Officer”, the words and brackets “or the Commissioner (Appeals)” shall be inserted.
Notes on Clauses:
Clause 75 seeks to amend the section 271AAD of the Income-tax Act relating to penalty for false entry, etc. in books of account.
The said section, inter alia, enables the Assessing Officer to levy penalty in cases where, during any proceeding, it is found that in the books of account maintained by any person there is a false entry or an omission of any entry which is relevant for computation of total income of such person, to evade tax liability.
It is proposed to amend sub-sections (1) and (2) 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.
