Insertion of new section 271AAA

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....ns of this Act, direct that, in a case where search has been initiated under section 132 on or after the 1st day of June, 2007, the assessee shall pay by way of penalty, in addition to tax, if any, payable by him, a sum computed at the rate of ten per cent. of the undisclosed income of the specified previous year. (2) Nothing contained in sub-section (1) shall apply if the assessee,- (i) in the....

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....ted, either wholly or partly, by any money, bullion, jewellery or other valuable article or thing or any entry in the books of account or other documents of transactions found in the course of a search under section 132, which has - (A) not been recorded on or before the date of search in the books of account or other documents maintained in the normal course relating to such previous year; or ....