Penalty under section 271 removed for assessments commencing 1 April 2017, affecting returns, notices and concealment penalties. The amendment provides that the penalty provisions of section 271-covering failure to furnish returns, non compliance with notices or directions, concealment of particulars of income, and furnishing inaccurate particulars-shall not apply to any assessment for the assessment year commencing on or after 1 April 2017, with effect from that date.