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of <h1>Finance Bill 2021 amends Income-tax Act for property attachment during penalty proceedings if penalty exceeds 2 crore.</h1> Clause 79 of the Finance Bill, 2021, amends section 281B of the Income-tax Act to include provisional attachment of an assessee's property during proceedings for imposing a penalty under section 271AAD, if the penalty amount exceeds two crore rupees. This amendment aims to protect revenue interests by allowing the Assessing Officer, with prior approval, to attach property not only during pending assessment or reassessment but also during penalty proceedings. The amendment is effective from April 1, 2021.
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