https://www.taxtmi.com/acts?id=48496 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. en-us Sat, 01 Feb 2025 14:47:28 +0530 Sat, 01 Feb 2025 14:47:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=48496 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. Act-Rules Bills Sat, 01 Feb 2025 14:47:28 +0530 https://www.taxtmi.com/acts?id=48496