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of <h1>Finance Bill 2022 amends Section 271AAB: Commissioners can now levy penalties for search-related cases. Effective April 2022.</h1> Clause 73 of the Finance Bill, 2022, proposes amendments to section 271AAB of the Income-tax Act, which addresses penalties related to searches. The amendments include allowing the Commissioner (Appeals) to levy penalties, in addition to the Assessing Officer, under sub-sections (1) and (1A). The changes will be effective from April 1, 2022. Additionally, the amendment to the Explanation in clause (a) expands the applicability of notices issued under section 148, effective retrospectively from April 1, 2021, in cases where a search is initiated.
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