TMI BlogPenalty where search has been initiatedX X X X Extracts X X X X X X X X Extracts X X X X ..... 2007, 2 [ but before the 1st day of July, 2012 ] the assessee shall pay by way of penalty, in addition to tax, if any, payable by him, a sum computed at the rate of ten per cent of the undisclosed income of the specified previous year. (2) Nothing contained in sub-section (1) shall apply if the assessee,- (i) in the course of the search, in a statement under sub-section (4) of section 13 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ery or other valuable article or thing or any entry in the books of account or other documents or transactions found in the course of a search under section 132, which has- (A) not been recorded on or before the date of search in the books of account or other documents maintained in the normal course relating to such previous year; or (B) otherwise not been disclosed to the 3 [Principal Chi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the said date; or (ii) in which search was conducted. ] ---------------------------------------- Notes 1. Inserted by the Finance Act, 2007, w.e.f. 1-4-2007. 2. Inserted vide Finance Act, 2012, w.e.f. 01-04-2012. 3. Inserted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of June, 2013. - - statute, statutory provisions legislation, law, en ..... X X X X Extracts X X X X X X X X Extracts X X X X
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