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of <h1>Finance Bill 2022 amends section 271AAD to allow both Assessing Officer and Commissioner (Appeals) to levy penalties.</h1> Clause 75 of the Finance Bill, 2022, proposes amendments to section 271AAD of the Income-tax Act, which addresses penalties for false or omitted entries in books of account. The amendment aims to extend the authority to levy penalties from solely the Assessing Officer to also include the Commissioner (Appeals). This change allows either official to impose penalties if false or omitted entries are found during proceedings, impacting the computation of total income to evade tax liability. The amendment is set to take effect from April 1, 2022.
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