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of <h1>Finance Bill 2012 amends section 271AAA of Income-tax Act for penalties on searches between June 2007 and July 2012.</h1> Clause 95 of the Finance Bill, 2012 proposes an amendment to section 271AAA of the Income-tax Act. The amendment specifies that the penalty provisions under this section apply to cases where a search has been initiated under section 132 on or after June 1, 2007, but before July 1, 2012. The existing provision imposes a penalty of ten percent of the undisclosed income for the specified previous year. This amendment is intended to take effect retrospectively from April 1, 2012.
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