https://www.taxtmi.com/acts?id=53132 The amendment mandates that the reasonable opportunity of being heard be given by a show cause notice and provides that penalties for under reporting shall, for drafts or assessments made on or after 1 April 2027 for AY 2026-2027 or earlier years, constitute part of the draft or final assessment or reassessment; references to assessment or penalty orders shall follow that treatment, and Joint Commissioner approval for assessment or reassessment taken on or after 1 April 2027 is deemed to include approval for such penalties. The amendment is retrospective to 1 March 2026. en-us Sun, 01 Feb 2026 15:10:26 +0530 Sun, 01 Feb 2026 15:10:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=53132 The amendment mandates that the reasonable opportunity of being heard be given by a show cause notice and provides that penalties for under reporting shall, for drafts or assessments made on or after 1 April 2027 for AY 2026-2027 or earlier years, constitute part of the draft or final assessment or reassessment; references to assessment or penalty orders shall follow that treatment, and Joint Commissioner approval for assessment or reassessment taken on or after 1 April 2027 is deemed to include approval for such penalties. The amendment is retrospective to 1 March 2026. Act-Rules Bills Sun, 01 Feb 2026 15:10:26 +0530 https://www.taxtmi.com/acts?id=53132