https://www.taxtmi.com/acts?id=3419 Where a search has been conducted, the Assessing Officer may direct imposition of a penalty equal to a portion of the undisclosed income of the specified previous year in addition to tax. The penalty will not apply if, during the search, the assessee admits the undisclosed income in a recorded statement, substantiates its derivation, and pays the tax with applicable interest. Overlapping penalties under other penalty provisions are excluded in respect of the same undisclosed income, and specified procedural provisions apply to the penalty. en-us Sat, 19 Jan 2008 22:45:54 +0530 Tue, 05 Aug 2025 14:05:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=3419 Where a search has been conducted, the Assessing Officer may direct imposition of a penalty equal to a portion of the undisclosed income of the specified previous year in addition to tax. The penalty will not apply if, during the search, the assessee admits the undisclosed income in a recorded statement, substantiates its derivation, and pays the tax with applicable interest. Overlapping penalties under other penalty provisions are excluded in respect of the same undisclosed income, and specified procedural provisions apply to the penalty. Act-Rules Income Tax Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=3419