section 271aab

[Rajeev Khulbe]

good afternoon sir,

can you tell me about section 271aab. i means to say that in which case i will paid panelty u/s 271ab.please try to understand what i am saying.

[CAGOPALJI AGRAWAL]

This section is applicable for penalty in search cases. It is applicable from 01/07/2012.

AI Summary

Penalty for undisclosed income in search cases establishes specific liability and additional consequences under Section 271AAB. Penalty liability under Section 271AAB applies to undisclosed income revealed during search proceedings, creating a specific penalty mechanism for search originated detections in addition to tax and interest, with applicability commencing from its effective date in mid 2012.