Concealment of income: post-search declarations do not bar penalty where prior-year income was undeclared or return unfiled. Where assets or book entries discovered in a search are claimed as income of prior years, if that income was either undeclared in a return already filed for those years or the due date for filing those returns has passed without filing, then any declaration furnished on or after the date of search will not prevent the assessee from being deemed to have concealed particulars of income or furnished inaccurate particulars for imposition of the concealment penalty.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Concealment of income: post-search declarations do not bar penalty where prior-year income was undeclared or return unfiled.
Where assets or book entries discovered in a search are claimed as income of prior years, if that income was either undeclared in a return already filed for those years or the due date for filing those returns has passed without filing, then any declaration furnished on or after the date of search will not prevent the assessee from being deemed to have concealed particulars of income or furnished inaccurate particulars for imposition of the concealment penalty.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
