Finance Bill, 2022: Commissioner (Appeals) can impose Penalty in cases involving Undisclosed Income post-Search proceedings

By Taxscan Team - On February 2, 2022 9:09 am - 2 mins read
Finance Bill 2022 -Commissioner of Income Tax (Appeals) - Undisclosed Income - Budget 2022 - Budget scan - Budget session - taxscan

The Finance Bill, 2022 has proposed to amend the provisions of Sections 271AAB, 271AAC and 271AAD of the Income Tax Act in order to empower the Commissioner of Income Tax (Appeals) to impose penalties with effect from 1st April, 2022. Sections 271AAB, 271AAC and 271AAD of the Act under Chapter XXI contain provisions which give…

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