Penalty for undisclosed income on search: staged rates apply based on admission, disclosure, and timely tax payment conditions. Section 271AAB establishes a penalty regime for cases where a search under section 132 is initiated: a ten percent penalty where the assessee admits and substantiates the undisclosed income and pays tax and files the return by the specified date; a twenty percent penalty where the assessee does not admit the income in the search statement but declares and pays tax by the specified date; and a penalty of not less than thirty percent and not exceeding ninety percent where neither condition is met. Sections 274 and 275 apply as far as may be, and the section defines 'specified date', 'specified previous year' and 'undisclosed income'.