https://www.taxtmi.com/acts?id=51520 The amendment empowers the Assessing Officer to direct a penalty on undisclosed income when a search is initiated on or after the amending Act's assent date. A conditional, lower penalty applies if the assessee admits and substantiates the undisclosed income during the search, pays tax with interest and files the return for the specified previous year by the specified date; otherwise a higher penalty applies. The adjacent subsection's cross-reference is amended to include the new provision. en-us Thu, 19 Jun 2025 12:18:09 +0530 Thu, 19 Jun 2025 12:18:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=51520 The amendment empowers the Assessing Officer to direct a penalty on undisclosed income when a search is initiated on or after the amending Act's assent date. A conditional, lower penalty applies if the assessee admits and substantiates the undisclosed income during the search, pays tax with interest and files the return for the specified previous year by the specified date; otherwise a higher penalty applies. The adjacent subsection's cross-reference is amended to include the new provision. Act-Rules F. Acts / Amendment Acts Thu, 19 Jun 2025 12:18:09 +0530 https://www.taxtmi.com/acts?id=51520