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of <h1>Amendment to Section 271: Concealed Income Rules Now Cover Specified Domestic Transactions, Effective April 2013.</h1> Clause 92 of the Finance Bill, 2012 amends section 271 of the Income-tax Act to expand the scope of Explanation 7. Originally applicable to international transactions, the amendment includes specified domestic transactions. This change means that any amount added or disallowed in computing total income from these transactions will be considered as concealed income unless the taxpayer can prove compliance with section 92C in good faith. This amendment is effective from April 1, 2013, impacting the assessment year 2013-2014 and subsequent years.
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