I'd have to agree with CHill60 - they are the same, but the first version is more maintainable because it's obvious what is in- and out-side the IF.
In the same way that C, C++, or C# uses curly brackets for start and end of a block, it's safer and more maintainable to use them even if they aren't needed:
if (condition)
BEGIN
if (otherCondition)
BEGIN
statement;
END
else
BEGIN
statement;
END
END
SELECT ...
It's obvious that the SELECT if not conditional.
It's also obvious if you leave them out:
if (condition)
if (otherCondition)
statement;
else
statement;
SELECT ...
But ... SQL doesn't enforce indentation, it could all be on the same line:
if (condition) BEGIN if (otherCondition) BEGIN statement; END else BEGIN statement; END END SELECT ...
That's hard to read, but pretty obvious what is going on.
But take 'em out:
if (condition) if (otherCondition) statement; else statement; SELECT ...
And work that out at your leisure!
Adding them (and indenting your code) means that when you have to change it it's a lot easier to work out what is going on.