TMI BlogPenalty where search has been initiated.X X X X Extracts X X X X X X X X Extracts X X X X ..... on (1) shall be liable to a penalty— (a) at the rate of ten per cent. of the undisclosed tax bases for the specified financial year, if such person— (i) in a statement under sub-section (9) of section 135 in the course of the search, admits the undisclosed tax bases; (ii) substantiates the manner in which the undisclosed tax bases was derived; and (iii) pays t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enalty referred to in sub-section (1) shall be imposed, by an order in writing, by the Assessing Officer. (4) In this section— (a) "undisclosed tax bases" means— (i) any tax bases of the specified financial year represented, either wholly or partly, by any money, bullion, jewellery or other valuable article or thing or any entry in the books of account or other document or an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inancial year-— (i) which has ended before the date of search, but the due date for filing the return of tax bases for such year has not expired before the date of search and the assessee has not furnished the return of tax bases for the financial year before the said date; or (ii) in which search was conducted. - - statute, statutory provisions legislation, law, enactment, Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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