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PENALTY FOR CONCEALMENT OF INCOME IN CASE OF SEARCH & SEIZURE - SECTION 271AAB

Income Tax - Penalties - Circumstances, Procedures and Relief - 07 - SECTION 271AAB - PENALTY FOR CONCEALMENT OF INCOME IN CASE OF SEARCH & SEIZURE (1) The Assessing Officer may, 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 1-7-2012 but before the date on which the Taxation Laws (Second Amendment) Bill, 2016 receives the assent of the President [Inserted by the Taxation Laws (Secon .....

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the specified date- Pays the tax, together with interest, if any, in respect of the undisclosed income; and Furnishes the return of income for the specified previous year declaring such undisclosed income therein B. 20% of the undisclosed income of the specified previous year, if such assessee satisfies the following conditions:- (i) In the course of the search, in a statement 132(4), does not admit the undisclosed income, and (ii) On or before the specified date- Declares such income in the ret .....

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date on which the Taxation Laws (Second Amendment) Bill, 2016 receives the assent of the President, the assessee shall pay by way of penalty, in addition to tax, if any, payable by him - [Inserted by the Taxation Laws (Second Amendment) Act, 2016, w.e.f. 15-12-2016] (a) a sum computed at the rate of 30% of the undisclosed income of the specified previous year, if the assessee- in the course of the search, in a statement under u/s 132(4), admits the undisclosed income and specifies the manner in .....

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