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Amendment of section 271AAB.

Clause 101 - Bills - DIRECT TAXES - FINANCE BILL, 2016 - Clause 101 - 101. In section 271AAB of the Income-tax Act, with effect from the 1st day of April, 2017,- (a) in sub-section (1), in clause (c), for the words which shall not be less than thirty .....

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r 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 that a penalty of a sum which shall no .....

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such case is not covered under the provisions of clauses (a) and (b) of sub-section (1) of section 271AAB. It is proposed to amend the said clause (c) so as to provide for levy of penalty on such undisclosed income at a flat rate of sixty per cent. S .....

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