Penalty where search has been initiated

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....ssee- (i)  in the course of the search, in a statement under sub-section (4) of section 132, admits the undisclosed income and specifies the manner in which such income has been derived; (ii)  substantiates the manner in which the undisclosed income was derived; and (iii) on or before the specified date- (A)  pays the tax, together with interest, if any, in respect of 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- (i)  in the course of the search, in a statement under sub-section (4....

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....e return of income for the specified previous year declaring such undisclosed income therein; (b) a sum computed at the rate of sixty per cent. of the undisclosed income of the specified previous year, if it is not covered under the provisions of clause (a).] (2) No penalty under the provisions of 4[section 270A or] 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) 7[or sub-section (1A)]. (3) The provisions of sections 274 and 275 shall, as far as may be, apply in relation to the penalty referred to in this section. Explanation.-For the purposes of this section,- (a) "specified date" means the due date of furnishing of return of income u....