Penalty where search has been initiated.

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..... l be liable to a penalty— (a) at the rate of ten per cent. of the undisclosed tax bases for the specified financial year, if such person— (i) in a statement under sub-section (9) of section 135 in the course of the search, admits the undisclosed tax bases; (ii) substantiates the manner in which the undisclosed tax bases was derived; and (iii) pays the tax, together with interest, if any, in respec .....

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..... writing, by the Assessing Officer. (4) In this section— (a) "undisclosed tax bases" means— (i) any tax bases of the specified financial 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 document or any transaction, found in the course of a search under section 134, which has— (A) not been re .....

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