Insertion of new section 271AAB.

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..... thing 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, 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 th .....

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..... income in the return of income furnished for the specified previous year; and ( B ) pays the tax, together with interest, if any, in respect of the undisclosed income; ( c ) a sum which shall not be less than thirty per cent but which shall not exceed ninety per cent of the undisclosed income of the specified previous year, if it is not covered by the provisions of clauses ( a ) and ( b ) . (2) N .....

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..... 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 ( ii ) in which search was conducted; ( c ) "undisclosed income" means ( i ) any income of the specified previous year represented, either wholly or partly, by any money, bullion, jewellery or other valuable article or thin .....

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