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of <h1>Amendment to Section 271: Undeclared assets found in a search are considered concealed income, penalties apply.</h1> Section 271 of the Income-tax Act is amended by substituting Explanation 5A, effective from June 1, 2007. Under this amendment, if during a search initiated under section 132, an assessee is found with undisclosed assets or income from previous years that were not declared in filed returns or for which returns were not filed, the assessee will be deemed to have concealed or inaccurately reported income. This applies even if the income is declared in returns filed after the search. The amendment is relevant for imposing penalties under clause (c) of subsection (1) of section 271.
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