Insertion of new section 271AAB.

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....nitiated.-(1) The Assessing Officer may, notwithstanding anything contained in any other provisions of this Act, direct that, in a case where search has been initiated under section 132 on or after the 1st day of July, 2012, the assessee shall pay by way of penalty, in addition to tax, if any, payable by him,-            (a)  a sum computed....

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.... the undisclosed income; and       (B)  furnishes the return of income for the specified previous year declaring such undisclosed income therein;            (b)  a sum computed at the rate of twenty per cent of the undisclosed income of the specified previous year, if such assessee-    &nbs....

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....of the specified previous year, if it is not covered by the provisions of clauses (a) and (b).       (2) No penalty under the provisions of clause (c) of sub-section (1) of section 271 shall be imposed upon the assessee in respect of the undisclosed income referred to in sub-section (1).       (3) The provisions of sections 274 and 275 shall,....

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....ome under sub-section (1) of section 139 for such year has not expired before the date of search and the assessee has not furnished the return of income for the previous year before the date of search; or                 (ii)  in which search was conducted;           &....