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Penalty where search has been initiated

..... able to a penalty in respect of the undisclosed tax base for the specified financial year, if a search and seizure operation has been conducted under section 139 in the case of the person. (2) The penalty referred to in sub-section (1) shall be a sum equal to ten per cent. of the undisclosed tax base for the specified financial year. (3) The provisions of sub-section (1) shall not apply, if the as .....

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..... a search under section 139, 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 the specified financial year; or (B) otherwise not been disclosed to the Chief Commissioner or Commissioner before the date of the search; or (ii) any tax base of the specified financial year represented, either wholly o .....

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