S.1 Short title and commencement

       (1) This Act may be called the Taxation Laws (Second Amendment) Act, 2016 . (
       (2) Save as otherwise provided in this Act, it shall come into force at once.

S.2 Amendment of section 115BBE

       In the Income-tax Act, 1961 (hereinafter referred to as the Income-tax Act), in section 115BBE, for sub-section (1), the following sub-section shall be substituted with effect from the 1st day of April, 2017, namely:-
       "(1) Where the total income of an assessee,-
       (a) includes any income referred to in section 68, section 69, section 69A, section 69B, section 69C or section 69D and reflected in the return of income furnished under section 139; or
       (b) determined by the Assessing Officer includes any income referred to in section 68, section 69, section 69A, section 69B, section 69C or section 69D, if such income is not covered under clause (a),
       the income-tax payable shall be the aggregate of-
       (i) the amount

S.3 Amendment of section 271AAB

       In the Income-tax Act, in section 271AAB,-
       (I) in sub-section (1), after the words, figures and letters "the 1st day of July, 2012", the words, brackets and figures "but before the date on which the Taxation Laws (Second Amendment) Bill, 2016 receives the assent of the President" shall be inserted;
       (II) after sub-section (1), the following sub-section shall be inserted, namely:-
       "(1A) The Assessing Officer may, notwithstanding anything contained in any other provisions of this Act, direct that, in a case where search has been initiated under section 132 on or after the date on which the Taxation Laws (Second Amendment) Bill, 2016 receives the assent of the President, the assessee shall pay by way of penalty, in addition to tax, if any, payable by him,-
      &n

S.4 Insertion of new section 271AAC

       4. In the Income-tax Act, after section 271AAB, the following section shall be inserted with effect from the 1st day of April, 2017, namely:-
       Penalty in respect of certain income.
       "271AAC. (1) The Assessing Officer may, notwithstanding anything contained in this Act other than the provisions of section 271AAB, direct that, in a case where the income determined includes any income referred to in section 68, section 69, section 69A, section 69B, section 69C or section 69D for any previous year, the asses see shall pay by way of penalty, in addition to tax payable under section 11 5BBE, a sum computed at the rate of ten per cent. of the tax payable under clause (i) of sub-section (1) of section 11 5BBE:
       Provided that no penalty shall be levied in respect of income referred to in section 68, secti

S.5 Amendment of section 2

       In the Income-tax Act, 1961 (hereinafter referred to as the Income-tax Act), in section 115BBE, for sub-section (1), the following sub-section shall be substituted with effect from the 1st day of April, 2017, namely:-
       "(1) Where the total income of an assessee,-
       (a) includes any income referred to in section 68, section 69, section 69A, section 69B, section 69C or section 69D and reflected in the return of income furnished under section 139; or
       (b) determined by the Assessing Officer includes any income referred to in section 68, section 69, section 69A, section 69B, section 69C or section 69D, if such income is not covered under clause (a),
       the income-tax payable shall be the aggregate of-
       (i) the amount