Penalty where search has been initiated.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rred to in sub-section (1) shall be liable to a penalty—       (a) at the rate of ten per cent. of the undisclosed tax bases for the specified financial year, if such person—         (i) in a statement under sub-section (9) of section 135 in the course of the search, admits the undisclosed tax bases;     &....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....n (9) of section 135 in the course of the search, such person does not admit the undisclosed tax bases and also fails to declare such tax bases in the return of tax bases for such financial year.    (3) The penalty referred to in sub-section (1) shall be imposed, by an order in writing, by the Assessing Officer.    (4) In this section—      (a) "u....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....p;   (ii) any tax bases 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 documents maintained in the normal course relating to the specified financial year which is found to be false and would not have been found to be so, had the search not been conducted;      (b)....