Section - 271AAC (of Income Tax Act, 1961), Penalty in respect of certain income

(1) The Assessing Officer or the Commissioner (Appeals) may, notwithstanding anything contained in this Act other than the provisions of section 271AAB (of Income Tax Act, 1961), direct that, in a case where the income determined includes any income referred to in section 68 (of Income Tax Act, 1961), section 69 (of Income Tax Act, 1961), section 69A (of Income Tax Act, 1961), section 69B (of Income Tax Act, 1961), section 69C (of Income Tax Act, 1961) or section 69D (of Income Tax Act, 1961) for any previous year, the assessee shall pay by way of penalty, in addition to tax payable under section 115BBE (of Income Tax Act, 1961), a sum computed at the rate of ten per cent of the tax payable under clause (i) of sub-section (1) of section 115BBE (of Income Tax Act, 1961):

Provided that no penalty shall be levied in respect of income referred to in section 68 (of Income Tax Act, 1961), section 69 (of Income Tax Act, 1961), section 69A (of Income Tax Act, 1961), section 69B (of Income Tax Act, 1961), section 69C (of Income Tax Act, 1961) or section 69D (of Income Tax Act, 1961) to the extent such income has been included by the assessee in the return of income furnished under section 139 (of Income Tax Act, 1961) and the tax in accordance with the provisions of clause (i) of sub-section (1) of section 115BBE (of Income Tax Act, 1961) has been paid on or before the end of the relevant previous year.

(2) No penalty under the provisions of section 270A (of Income Tax Act, 1961) shall be imposed upon the assessee in respect of the income referred to in sub-section (1).

(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.