TaxTMI 
TaxTMI 
Penalty for concealment of income in case of search & seizure - Section 271AAB
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....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 1-7-2012 the assessee shall pay by way of penalty, in addition to tax, if any, payable by him- A. 10% of the undisclosed income of the specified previous year, if such assessee satisfies the following conditions:- * In t....
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.... a statement 132(4), does not admit the undisclosed income, and * On or before the specified date- * Declares such income in the return of income furnished for the specified previous year; and * Pays the tax, together with interest, if any, in respect of the undisclosed income; C. 60% of the undisclosed income of the specified previous year, if it is not covered by the provisions of clause....
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....e of the search, in a statement under u/s 132(4), admits the undisclosed income and specifies the manner in which such income has been derived * substantiates the manner in which the undisclosed income was derived * on or before the specified date - - pays the tax, together with interest, if any, in respect of the undisclosed income - and furnishes the return of income (b) a sum computed....
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....re the date of search, but the date of furnishing the return of income under section 139(1) 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 * In which search was conducted; * "undisclosed Income" means- * Any income of the specified previous year represented, either wholly....