Penalty for under-reporting and misreporting: tax board empowered to issue directions for its implementation and administration.

The amendment inserts a reference to section 270A into clause (a) of sub section (2) of section 119 to enable the Board to issue directions and instructions in relation to the penalty for under reporting and misreporting of income, bringing the newly introduced penalty regime within the Board's authority to give administrative directions for efficient assessment and revenue collection, subject to protections for the assessee; the change is made effective from the commencement of the specified fiscal year and applies to the applicable assessment year and subsequent years.

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