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of <h1>Amendment to Section 271: Clarifies Penalties for Concealed Income Found in Searches from 2007 Onwards Under Section 132.</h1> Clause 73 of the Finance (No. 2) Bill, 2009, amends section 271 of the Income-tax Act concerning penalties for concealment of income. The amendment replaces Explanation 5A, effective retroactively from June 1, 2007. It clarifies that if, during a search initiated under section 132, an assessee is found with undeclared assets or income from a previous year, they are deemed to have concealed income, even if declared post-search. This applies if the return for that year was filed without declaring the income or if the filing deadline passed without submission.
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