Penalty where search has been initiated

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..... on has been conducted under section 139 in the case of the person. (2) The penalty referred to in sub-section (1) shall be a sum equal to ten per cent. of the undisclosed tax base for the specified financial year. (3) The provisions of sub-section (1) shall not apply, if the assessee,- (a) in the course of the search, in a statement under sub-section (9) of section 139, admits the undisclosed inco .....

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..... other documents maintained in the normal course relating to the specified financial year; or (B) otherwise not been disclosed to the Chief Commissioner or Commissioner before the date of the search; or (ii) any tax base of the specified financial 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 no .....

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