https://www.taxtmi.com/acts?id=11003 Penalty applies where a search under section 139 reveals an undisclosed tax base; the Assessing Officer must impose a penalty by written order equal to a fixed proportion of that undisclosed tax base. The penalty does not apply if, during the search, the assessee admits the undisclosed income, substantiates how it was derived, and pays tax with applicable interest. "Undisclosed tax base" covers money, valuables, documents, or false expense entries found in the search that were not recorded or disclosed before the search, and "specified financial year" includes the year of search and certain prior years with unfiled returns. en-us Thu, 20 Aug 2009 13:54:50 +0530 Thu, 20 Aug 2009 13:54:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=11003 Penalty applies where a search under section 139 reveals an undisclosed tax base; the Assessing Officer must impose a penalty by written order equal to a fixed proportion of that undisclosed tax base. The penalty does not apply if, during the search, the assessee admits the undisclosed income, substantiates how it was derived, and pays tax with applicable interest. "Undisclosed tax base" covers money, valuables, documents, or false expense entries found in the search that were not recorded or disclosed before the search, and "specified financial year" includes the year of search and certain prior years with unfiled returns. Act-Rules Bills Thu, 20 Aug 2009 13:54:50 +0530 https://www.taxtmi.com/acts?id=11003