https://www.taxtmi.com/acts?id=11888 Where a search and seizure uncovers undisclosed tax bases for a specified financial year, a tiered penalty applies: a reduced penalty when the person admits the undisclosed tax bases during the search, substantiates their derivation, and pays tax with interest; a higher penalty where the person does not admit during the search but declares and pays in the return; and the maximum prescribed penalty where the person neither admits nor declares the tax bases. The penalty is imposed by written order of the Assessing Officer, and "undisclosed tax bases" includes undisclosed assets and false expense entries revealed by search. en-us Fri, 17 Sep 2010 11:44:51 +0530 Fri, 17 Sep 2010 11:44:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=11888 Where a search and seizure uncovers undisclosed tax bases for a specified financial year, a tiered penalty applies: a reduced penalty when the person admits the undisclosed tax bases during the search, substantiates their derivation, and pays tax with interest; a higher penalty where the person does not admit during the search but declares and pays in the return; and the maximum prescribed penalty where the person neither admits nor declares the tax bases. The penalty is imposed by written order of the Assessing Officer, and "undisclosed tax bases" includes undisclosed assets and false expense entries revealed by search. Act-Rules Bills Fri, 17 Sep 2010 11:44:51 +0530 https://www.taxtmi.com/acts?id=11888