Penalty -Search initiated on or after Ist day of July 2012
It is optional. Section 271AAB(1A) provides that notwithstanding contained in any other provisions of this Act, the Assessing Officer may direct, that in case where search has been initiated under sections 132 on or after the date on which the Taxation Laws (Second Amendment) Bill, 2016 receive the assent of the President, the assessee shall pay by way of penalty, in addition to tax, if any payable by him.
How To Prove In Search And Seizure Cases The Manner In Which Such Income Is Derived?
Exception 2 to Explanation 5 to section 271(1) also provides similar condition, while interpreting the said Explanation the Gujarat High Court in CIT v. Mahendra C. Shah [299 ITR 305] has held as under: “In so far as the alleged failure on the part of the assessee to specify in the statement under section 132(4) of the Act regarding the manner in which such income has been derived,