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 ... Summary
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.
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