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of <h1>Finance Bill 2012: New Section 271AAB Adds Penalties for Undisclosed Income Found in Searches under Section 132</h1> Clause 96 of the Finance Bill, 2012, introduces section 271AAB to the Income-tax Act, effective July 1, 2012, outlining penalties for undisclosed income found during a search initiated under section 132. The penalty varies based on the assessee's actions: 10% of undisclosed income if admitted and substantiated during the search and tax is paid by the specified date; 20% if not admitted but declared and tax is paid by the specified date; and 30-90% if neither condition is met. Definitions for 'undisclosed income,' 'specified previous year,' and 'specified date' are provided, with sections 274 and 275 applicable to penalties.
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