271AAB. (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 75[but before the date on which the Taxation Laws (Second Amendment) Bill, 2016 receives the assent of the President76], the assessee shall pay by way of penalty, in addition to tax, if any, payable by him,\u2014<\/p>\n
(a)\ta sum computed at the rate of ten per cent of the undisclosed income of the specified previous year, if such assessee\u2014<\/p>\n
(i)\tin 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;<\/p>\n
(ii)\tsubstantiates the manner in which the undisclosed income was derived; and<\/p>\n
(iii)\ton or before the specified date\u2014<\/p>\n
(A)\tpays the tax, together with interest, if any, in respect of the undisclosed income; and<\/p>\n
(B)\tfurnishes the return of income for the specified previous year declaring such undisclosed income therein;<\/p>\n
(b)\ta sum computed at the rate of twenty per cent of the undisclosed income of the specified previous year, if such assessee\u2014<\/p>\n
(i)\tin the course of the search, in a statement under sub-section (4) of section 132, does not admit the undisclosed income; and<\/p>\n
(ii)\ton or before the specified date\u2014<\/p>\n
(A)\tdeclares such income in the return of income furnished for the specified previous year; and<\/p>\n
(B)\tpays the tax, together with interest, if any, in respect of the undisclosed income;<\/p>\n
(c)\ta sum 77[computed at the rate of sixty per cent] of the undisclosed income of the specified previous year, if it is not covered by the provisions of clauses (a) and (b).<\/p>\n
78[(1A) 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 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,\u2014<\/p>\n
(a)\ta sum computed at the rate of thirty per cent of the undisclosed income of the specified previous year, if the assessee\u2014<\/p>\n
(i)\tin 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;<\/p>\n
(ii)\tsubstantiates the manner in which the undisclosed income was derived; and<\/p>\n
(iii)\ton or before the specified date\u2014<\/p>\n
(A)\tpays the tax, together with interest, if any, in respect of the undisclosed income; and<\/p>\n
(B)\tfurnishes the return of income for the specified previous year declaring such undisclosed income therein;<\/p>\n
(b)\ta 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).]<\/p>\n
(2) No penalty under the provisions of 79[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) 79a[or sub-section (1A)].<\/p>\n
(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.<\/p>\n
Explanation.\u2014For the purposes of this section,\u2014<\/p>\n
(a)\t“specified date” means the due date of furnishing of return of income under sub-section (1) of section 139 or the date on which the period specified in the notice issued under section 153A for furnishing of return of income expires, as the case may be;<\/p>\n
(b)\t“specified previous year” means the previous year\u2014<\/p>\n
(i)\twhich has ended before the date of search, but the date of furnishing the return of income 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<\/p>\n
(ii)\tin which search was conducted;<\/p>\n
(c)\t“undisclosed income” means\u2014<\/p>\n
(i)\tany income of the specified previous year represented, either wholly or partly, by any money, bullion, jewellery or other valuable article or thing or any entry in the books of account or other documents or transactions found in the course of a search under section 132, which has\u2014<\/p>\n
(A)\tnot been recorded on or before the date of search in the books of account or other documents maintained in the normal course relating to such previous year; or<\/p>\n
(B)\totherwise not been disclosed to the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner before the date of search; or<\/p>\n
(ii)\tany income of the specified previous year represented, either wholly or partly, by any entry in respect of an expense recorded in the books of account or other documents maintained in the normal course relating to the specified previous year which is found to be false and would not have been found to be so had the search not been conducted.<\/p>\n","protected":false},"excerpt":{"rendered":"
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