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TMI BlogPenalty for concealment of income in case of search & seizure - Section 271AABX X X X Extracts X X X X X X X X Extracts X X X X ..... der section 132 on or after 1-7-2012 the assessee shall pay by way of penalty, in addition to tax, if any, payable by him- A. 30% of the undisclosed income of the specified previous year, if such assessee satisfies the following conditions:- In the course of the search, in a statement u/s 132(4) , admits the undisclosed income and specifies the manner in which such income has been derived; Substan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the provisions of clauses (A) and (B) . (1A) The Assessing Officer may or Commissioner (Appeals) [w.e.f. 1-4-2022] , notwithstanding anything contained in any other provisions of this Act, direct that, in a case where search has been initiated u/s 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee in respect of the undisclosed income referred to in section 271AAB(1) or (1A). (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. For the purposes of this section specified date means the due date of furnishing of return of income under section 139(1) or the date on which the period specified in the notice issued ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the books of account or other documents maintained in the normal course relating to such previous year; or Otherwise not been disclosed to the Commissioner before the date of search; or Any 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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