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of <h1>Finance Act 2002 updates Income-tax Act section 271, revising penalties and definitions for concealed income, effective 2002-2003.</h1> The Finance Act, 2002, amends section 271 of the Income-tax Act, introducing several changes effective from June 1, 2002, and April 1, 2003. It includes inserting 'or the Commissioner' after 'Commissioner (Appeals)' in various subsections. The phrases 'in addition to any tax payable' are revised to 'in addition to tax, if any, payable' in clauses (ii) and (iii). Explanation 1 and 7 also incorporate the additional wording. Explanation 3 removes the phrase 'who has not previously been assessed under this Act,' and Explanation 4 redefines clause (a) concerning concealed or inaccurately reported income.
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