Search disclosures: declaring and paying tax on unaccounted assets during search prevents concealment penalty under rules. If unaccounted assets are found in the course of a search, no concealment penalty applies provided the person searched makes a search-statement that the assets were acquired out of income of the year for which return was not yet filed, specifies how the income was derived, pays the tax and interest due, and the period 'in the course of the search' includes times when lockers or godowns are under a restraint order; authorised officers must notify searched persons and correctly record such statements.
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.
Search disclosures: declaring and paying tax on unaccounted assets during search prevents concealment penalty under rules.
If unaccounted assets are found in the course of a search, no concealment penalty applies provided the person searched makes a search-statement that the assets were acquired out of income of the year for which return was not yet filed, specifies how the income was derived, pays the tax and interest due, and the period "in the course of the search" includes times when lockers or godowns are under a restraint order; authorised officers must notify searched persons and correctly record such statements.
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