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of <h1>Section 271AAB amended with two-tier penalty structure for undisclosed income during searches</h1> The Income-tax Act section 271AAB is amended to introduce penalty provisions for searches initiated after the 2016 Amendment Act receives presidential assent. A new sub-section (1A) establishes a two-tier penalty structure: thirty percent of undisclosed income if the assessee admits, substantiates, pays tax with interest, and files returns declaring such income; sixty percent if these conditions are not met. The amendment modifies the temporal scope of existing provisions and updates cross-references to include the new penalty framework for undisclosed income discovered during search operations.
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