catchwords: Penalty -Search initiated on or after Ist day of July 2012
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Penalty -Search initiated on or after Ist day of July 2012
It is optional. Section 271AAB(1A) provides that notwithstanding contained in any other provisions of this Act, the Assessing Officer may direct, that in case where search has been initiated under sections 132 on or after the date on which the Taxation Laws (Second Amendment) Bill, 2016 receive the assent of the President, the assessee shall pay by way of penalty, in addition to tax, if any payable by him.