Amendment of section 271AAB.

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..... e rate of sixty per cent. shall be substituted; (b) in sub-section (2), after the words No penalty under the provisions of , the words, figures and letter section 270A or shall be inserted - Clause 101 of the Bill seeks to amend section 271AAB of the Income-tax Act relating to penalty where search has been initiated. Clause (c) of sub-section (1) of the aforesaid section provides tha .....

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..... so as to provide that no penalty shall be levied under section 270A also in respect of the undisclosed income referred to in sub-section (1) of section 271AAB. These amendments will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017- 2018 and subsequent years. - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regula .....

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