Dismissing the appeal of the Revenue the Court held that  since the search was conducted on September 3, 2014, i. e., after July 1, 2012 the assessee’s case was covered by section 271AAB and the Assessing Officer should have initiated proceedings and levied penalty under section 271AAB(1)(c) and not under section 271(1)(c). On the date of search the due date to furnish the return for the assessment year 2014-15 had not expired and the assessee had furnished the return on November 30, 2014. The assessee had not admitted any income in the statement recorded under section 132(4) nor had paid any taxes on the admitted income. Therefore, the case of the assessee was not governed by section 271AAB(1)(a) or (b) but fell under section 271AAB(1)(c) where the minimum penalty prescribed is 30 per cent. and maximum penalty is 90 per cent. of undisclosed income. Whether incriminating document was found or not was immaterial since the law mandated that the penalty if any should have been levied under section 271AAB. There was no infirmity in the order of the Tribunal affirming the order of the Commissioner (Appeals). (AY.2014-15)