Penalty of 10% Tax Under Section 115BBE on Undisclosed Income Under Sections 68-69D Explained
The Assessing Officer or appellate authorities may impose a penalty equal to 10% of the tax payable under section 115BBE on income identified under sections 68, 69, 69A, 69B, 69C, or 69D if such income is determined in any previous year. This penalty is in addition to the tax payable under section 115BBE. However, no penalty will be levied if the income was disclosed in the return filed under section 139 and the corresponding tax was paid by the end of the relevant previous year. Penalties under section 270A will not apply to such income, and the procedural provisions of sections 274 and 275 shall apply to the penalty imposed under this section.
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