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Income-tax Act, 1961

Section - 271AAB - Penalty where search has been initiated

Penalty where search has been initiated.

271AAB. (1) The Assessing Officer or the Commissioner (Appeals) may, not with standing 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 but before the date on which the Taxation Laws (Second Amendment) Bill, 2016 receives the assent of the President, the assessee shall pay by way of penalty, in addition to tax, if any, payable by him,-

(a)- a sum computed at the rate of ten 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) 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; a .... To read the full section download the app from Google Play store

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