Penalty for undisclosed income after search: graded rates for admission, declaration, or non-compliance under new law. A new provision authorises the Assessing Officer to impose an additional penalty on the undisclosed income of the specified previous year where a search has been conducted, with differentiated treatment if the assessee admits and substantiates the income and files the return and pays tax by the specified date, if the assessee declares and pays without admission, and a residual higher penal range for cases not covered by those categories; procedural application of assessment provisions and definitions of key terms are provided.