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PENALTY FOR CONCEALMENT OF INCOME IN CASE OF SEARCH & SEIZURE

Income Tax - Penalties - Circumstances, Procedures and Relief - 05 - SECTION 271AAB 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 the 1st day of July, 2012, the assessee shall pay by way of penalty, in addition to tax, if any, payable by him,- A sum computed at the rate of ten% of the undisclosed Income of the specified previous year, if such assessee- In the .....

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cified previous year, if such assessee- In the course of the search, in a statement under sub-section (4) of section 132, does not admit the undisclosed income in the manner given in clause (a) above; and On or before the specified date- Declares such income in the return of income furnished for the specified previous year; and Pays the tax, together with interest, if any, in respect of the undisclosed income; A sum which shall not be less than thirty percent but which shall not exceed ninety pe .....

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f furnishing of return of income under section 139(1) or the date on which the period specified in the notice issued under section 153A for furnishing of return of income expires, as the 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 the assessee has not furnished the return of income for the prev .....

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