Deemed concealment of undisclosed assets or income found in search attracts penalty even if declared after search. Where a search on or after 1 June 2007 discovers assets or book entries representing income of a previous year ending before the search, the assessee shall be deemed to have concealed particulars of income or furnished inaccurate particulars for penalty purposes if the return for that year was not filed by its due date or was filed without declaring that income, even if the income is declared in any return furnished on or after the date of the search; the amendment operates retrospectively from 1 June 2007.
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Provisions expressly mentioned in the judgment/order text.
Deemed concealment of undisclosed assets or income found in search attracts penalty even if declared after search.
Where a search on or after 1 June 2007 discovers assets or book entries representing income of a previous year ending before the search, the assessee shall be deemed to have concealed particulars of income or furnished inaccurate particulars for penalty purposes if the return for that year was not filed by its due date or was filed without declaring that income, even if the income is declared in any return furnished on or after the date of the search; the amendment operates retrospectively from 1 June 2007.
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