TaxTMI Login
AI OCR ✕Convert scanned orders, printed notices, PDFs and images into clean, searchable, editable text within seconds. Starting at 2 Credits/page
Try Now →Just a moment...
AI OCR ✕Convert scanned orders, printed notices, PDFs and images into clean, searchable, editable text within seconds. Starting at 2 Credits/page
Try Now →By creating an account you can:
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All TMI Notes
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All TMI Notes
Note
Bookmark
Share
Don't have an account? Register Here
Union Budget 2025-26 (Full) + Finance Bill, 2025
XV. Non-applicability of Section 271AAB of the Act
The existing provisions of sub-section (1A) of section 271AAB of the Act relates to penalty in respect of searches initiated after 15.12.2016.
2. Vide Finance Act, 2024, provisions of ‘Block Assessment’ (Chapter XIV-B) were introduced for searches initiated under section 132 of the Act on or after the 1st day of September, 2024. Although section 271AAB of the Act is clear that its provisions are not applicable to proceedings conducted under section 158BC of the Act, it is proposed to remove any ambiguous interpretation of its applicability to searches conducted on or after 01.09.2024.
3. Therefore, it is proposed to amend section 271AAB of the Act to provide that its provisions shall not be applicable to the assessee in whose case search has been initiated under section 132 on or after the 1st day of September, 2024.
4. This amendment will take effect from the 1st day of September, 2024.
[Clause 75]
Full Text:
Non-applicability of penalty under section 271AAB clarified for searches under section 132 after block assessment introduction. The amendment provides that section 271AAB shall not apply to an assessee in whose case a search under section 132 was initiated on or after 1 September 2024, aligning the penalty provision with the block assessment regime introduced by the Finance Act, 2024 and removing any ambiguity about applicability; the amendment takes effect from 1 September 2024. of Press 'Enter' after typing page number.
TaxTMI 
TaxTMI 