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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 .....

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d Amendment) Act, 2016, w.e.f. 15-12-2016] the assessee shall pay by way of penalty, in addition to tax, if any, payable by him- A. 10% of the undisclosed income of the specified previous year, if such assessee satisfies the following conditions:- (i .....

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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 t .....

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urn of income furnished for the specified previous year; and Pays the tax, together with interest, if any, in respect of the undisclosed income; C. 60% of the undisclosed income of the specified previous year, if it is not covered by the provisions o .....

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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. .....

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which such income has been derived substantiates the manner in which the undisclosed income was derived on or before the specified date pays the tax, together with interest, if any, in respect of the undisclosed income and furnishes the return of inc .....

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be imposed upon the assessee in respect of the undisclosed income referred to in section 271AAb(1). (3) The provisions of sections 274 and 275 shall, as far as may be, apply in relation to the penalty referred to in this section. Explanation.- For th .....

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case may be; Specified previous year means the previous year- Which was 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 search and .....

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