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of <h1>Penalty imposed at 10% of tax under section 115BBE for unexplained cash credits and investments under section 271AAC</h1> The Taxation Laws (Second Amendment) Act, 2016 inserted section 271AAC into the Income-tax Act, effective April 1, 2017. This provision empowers Assessing Officers to impose penalties on assessees whose determined income includes unexplained cash credits, investments, expenditures, or money under sections 68-69D. The penalty equals ten percent of tax payable under section 115BBE. However, no penalty applies if the assessee voluntarily disclosed such income in their return and paid the applicable tax before the previous year's end. This penalty provision excludes application of section 270A penalties for the same income.
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