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of <h1>Amendment to Section 271: 'Deliberately' Removed; New Explanation on Concealment and Inaccurate Reporting of Income Added.</h1> Section 271 of the Income-tax Act is amended by the Finance Act, 1964, to modify sub-section (1). The amendment removes the word 'deliberately' from clause (c) and adds an Explanation. This Explanation deems that if a person's returned total income is less than 80% of the assessed income (after certain disallowed deductions), they are considered to have concealed or inaccurately reported their income unless they can prove the discrepancy was not due to fraud or gross or willful neglect.
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