Exclusion from deemed concealment allows disclosure during search and payment of tax plus interest to avoid penalty under specified conditions. Exclusion from deemed concealment is available where, on search, assets are found that are not recorded in the assessee's books and the assessee makes a statement under section 132(4) that such assets were acquired out of income for a year for which the return filing period has not yet expired, specifies the manner of derivation of that income, and pays the tax together with interest; alternatively exclusion also applies where the income is already recorded in books or disclosed to the Chief Commissioner/Commissioner before the search.
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.
Exclusion from deemed concealment allows disclosure during search and payment of tax plus interest to avoid penalty under specified conditions.
Exclusion from deemed concealment is available where, on search, assets are found that are not recorded in the assessee's books and the assessee makes a statement under section 132(4) that such assets were acquired out of income for a year for which the return filing period has not yet expired, specifies the manner of derivation of that income, and pays the tax together with interest; alternatively exclusion also applies where the income is already recorded in books or disclosed to the Chief Commissioner/Commissioner before the search.
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