Penalty under section 271AAB excluded for searches initiated on or after 1st September 2024, applied retrospectively. The amendment excludes the reduced penalty regime under section 271AAB for cases where a search under section 132 is initiated on or after 1st September, 2024; previously sub-section (1A) allowed a lower penalty where the assessee admitted undisclosed income, specified its derivation, paid tax with interest and filed the return, with higher penalty applying if conditions were not met. The change has retrospective effect from 1st September, 2024.
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Provisions expressly mentioned in the judgment/order text.
Penalty under section 271AAB excluded for searches initiated on or after 1st September 2024, applied retrospectively.
The amendment excludes the reduced penalty regime under section 271AAB for cases where a search under section 132 is initiated on or after 1st September, 2024; previously sub-section (1A) allowed a lower penalty where the assessee admitted undisclosed income, specified its derivation, paid tax with interest and filed the return, with higher penalty applying if conditions were not met. The change has retrospective effect from 1st September, 2024.
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