TMI BlogInsertion of new section 271AAB.X X X X Extracts X X X X X X X X Extracts X X X X ..... ay, 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 1st day of July, 2012, the assessee shall pay by way of penalty, in addition to tax, if any, payable by him, ( a ) a sum computed at the rate of ten per cent of the undisclosed income of the specified previous year, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... course of the search, in a statement under sub-section (4) of section 132, does not admit the undisclosed income; and ( ii ) on or before the specified date ( A ) declares such income in the return of income furnished for the specified previous year; and ( B ) pays the tax, together with interest, if any, in respect of the undisclosed income; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d specified in the notice issued under section 153A for furnishing of return of income expires, as the case may be; ( b ) "specified previous year" means the previous year ( i ) which has ended before the date of search, but the date of furnishing the return of income under sub-section (1) of section 139 for such year has not expired before the date of sea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore the date of search; or ( ii ) any income of the specified previous year represented, either wholly or partly, by any entry in respect of an expense recorded in the books of account or other documents maintained in the normal course relating to the specified previous year which is found to be false and would not have been found to be so had the search not been conducted.'. - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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