Penalty under section 271AAB: Commissioner (Appeals) may levy penalty; notice under section 148 also covered.

Sub-sections (1) and (1A) of section 271AAB are amended to permit the Commissioner (Appeals), alongside the Assessing Officer, to levy penalties in search-initiated cases, effective 1 April 2022. The Explanation is revised to make reassessment notices also fall within its scope where the search was initiated on or after 1 April 2021, with that substitution deemed effective from 1 April 2021.

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