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of <h1>Tax Amendment Act 1986: No Penalty for Declared Assets During Search if Taxes Paid u/s 271(1)(c.</h1> The Taxation Laws (Amendment and Miscellaneous Provisions) Act, 1986, effective September 10, 1986, revises Explanation 5 to Section 271(1)(c) of the Income Tax Act. Previously, taxpayers were penalized for unrecorded assets found during a search, even if they intended to declare them. The amendment now exempts individuals from penalties if, during a search, they declare unreported assets, explain how the income was earned, and pay the due taxes and interest. The term 'in the course of the search' includes periods when assets are under restraint orders. Officers must inform individuals of these provisions to ensure compliance.
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