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of <h1>Finance Bill 2022 amends Section 271AAC to allow Commissioner (Appeals) to levy penalties on unexplained income.</h1> Clause 74 of the Finance Bill, 2022, proposes an amendment to section 271AAC of the Income-tax Act, which deals with penalties related to certain types of income. The amendment extends the authority to levy penalties from solely the Assessing Officer to include the Commissioner (Appeals) as well. This change applies to cases involving income referred to in sections 68, 69, 69A, 69B, 69C, or 69D for any previous year and will be effective from April 1, 2022.
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