Penalty where search has been initiated

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.... been conducted under section 139 in the case of the person. (2) The penalty referred to in sub-section (1) shall be a sum equal to ten per cent. of the undisclosed tax base for the specified financial year. (3) The provisions of sub-section (1) shall not apply, if the assessee,- (a) in the course of the search, in a statement under sub-section (9) of section 139, admits the undisclosed inco....

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....s of account or other documents maintained in the normal course relating to the specified financial year; or (B) otherwise not been disclosed to the Chief Commissioner or Commissioner before the date of the search; or (ii) any tax base of the specified financial year represented, either wholly or partly, by any entry in respect of an expense recorded in the books of account or other document....