Section 271AAB was introduced by the Finance Act 2012, imposing penalty on undisclosed income found in the course of a search U/s 132. For the purpose of the Section
Specified previous year means—
(i) the year in which search was conducted or
(ii) year ending before the date of search in respect of which due date u/s 139(1) has not expired and the assessee has not furnished return before the date of search.
As per my opinion, the word 'or' in the definition should be replaced by 'and'.
Friends, please provide a case law or commentary in support of/against my contention. It may be in relation to other penal provisions.
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