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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 secti
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FAQ :
The penalty provisions of Section 271AAB will not apply to searches initiated on or after 1st September 2024.
The amendment takes effect from 1st September 2024.
The Finance Act, 2024 introduced 'Block Assessment' provisions for searches initiated on or after 1st September 2024, which necessitates this change to Section 271AAB.
Yes, the existing provisions of Section 271AAB relate to penalty in respect of searches initiated after 15th December 2016 and remain applicable for searches initiated before 1st September 2024.
The amendment is proposed to remove any ambiguous interpretation of Section 271AAB's applicability to searches conducted on or after 1st September 2024.
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