Amendment of section 276AB.
79. In section 276AB of the Income-tax Act, after the proviso, the following proviso shall be inserted, namely:––
“Provided further that no proceeding under this section shall be initiated on or after the 1st day of April, 2022.”.
Notes on Clauses:
Clause 79 seeks to amend section 276AB of the Income-tax Act relating to failure to comply with the provisions of sections 269UC, 269UE and 269UL.
It is proposed to insert a second proviso to the said section so as to provide that no proceeding under this section shall be initiated on or after the 1st day of April, 2022.
This amendment will take effect from 1st April, 2022.
