https://www.taxtmi.com/acts?id=20487 Amendment to section 271AAB replaces clause (c)'s variable penalty with a flat penalty computed at the rate of sixty per cent for undisclosed income in search initiated cases not covered by clauses (a) and (b). Sub section (2) is amended to provide that no penalty shall be levied under section 270A in respect of that undisclosed income. The changes take effect from 1 April 2017 and apply from the assessment year 2017-2018 onwards. en-us Mon, 29 Feb 2016 17:09:06 +0530 Tue, 01 Mar 2016 11:11:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=20487 Amendment to section 271AAB replaces clause (c)'s variable penalty with a flat penalty computed at the rate of sixty per cent for undisclosed income in search initiated cases not covered by clauses (a) and (b). Sub section (2) is amended to provide that no penalty shall be levied under section 270A in respect of that undisclosed income. The changes take effect from 1 April 2017 and apply from the assessment year 2017-2018 onwards. Act-Rules Bills Mon, 29 Feb 2016 17:09:06 +0530 https://www.taxtmi.com/acts?id=20487