https://www.taxtmi.com/article/detailed?id=13596 Section 271AAA permits the Assessing Officer to levy a penalty on undisclosed income detected in searches under Section 132, but the levy is discretionary and conditioned on the statutory Definition of undisclosed income. Subsection (2) excludes penalty where the assessee, during the search, admits and specifies the source of the undisclosed income in a Section 132(4) statement, substantiates it and pays tax with interest; amounts disclosed later in assessment do not attract this exclusion. en-us Wed, 19 Feb 2025 10:30:26 +0530 Wed, 19 Feb 2025 10:30:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=13596 Section 271AAA permits the Assessing Officer to levy a penalty on undisclosed income detected in searches under Section 132, but the levy is discretionary and conditioned on the statutory Definition of undisclosed income. Subsection (2) excludes penalty where the assessee, during the search, admits and specifies the source of the undisclosed income in a Section 132(4) statement, substantiates it and pays tax with interest; amounts disclosed later in assessment do not attract this exclusion. Articles Income Tax Wed, 19 Feb 2025 10:30:26 +0530 https://www.taxtmi.com/article/detailed?id=13596