Amendment of Act 22 of 2015.- Amendment of section 46.- Amendment of section 55.

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....of 2015. In the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, with effect from the 1st day of April, 2018,-- Amendment of section 46. (a) in section 46, in sub-section (4),-- (i) in the opening portion, after the words "Joint Commissioner,", the words "or the Joint Director" shall be inserted; (ii) in clause (b), after the words "De....

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.... penalty. Sub-section (4) of the said section, inter alia, provides that an order imposing a penalty shall be made with the approval of the Joint Commissioner in certain circumstances specified therein. It is proposed to amend the said sub-section so as to provide that the Joint Director shall also be vested with the power to approve an order imposing penalty. It is further proposed ....