Penalty where search has been initiated

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....e operation has 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 sec....

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....tion, found in the course of a search under section 139, 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 the specified financial year; or        (B) otherwise not been disclosed to the Chief Commissioner or Commissioner bef....