10% penalty leviable even on suo motu disclosure of undisclosed income & specifying its manner of earning

IT : Where assessee, in course of search, made a statement under section 132(4) in which he admitted an undisclosed income and specified manner in which such income was earned and had also paid tax along with interest, assessee would be liable to pay penalty at rate of 10 per cent in terms of clause (a) of section 271AAB(1) but not under clause (c) at 30 per cent of section 271AAB

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