https://www.taxtmi.com/acts?id=7861 The amendment revises the tax base for penalty calculation by reducing assessed tax by advance tax, TDS, TCS and self-assessment tax paid before a section 148 notice, and inserts Explanation 5A to deem, for penalty under the concealment provision, that where a search discovers assets or entries representing earlier years' income for which no return was filed by the due date, any income declared in a return after the search shall be treated as concealment or furnishing inaccurate particulars. en-us Sat, 19 Jan 2008 22:45:54 +0530 Sat, 19 Jan 2008 22:45:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=7861 The amendment revises the tax base for penalty calculation by reducing assessed tax by advance tax, TDS, TCS and self-assessment tax paid before a section 148 notice, and inserts Explanation 5A to deem, for penalty under the concealment provision, that where a search discovers assets or entries representing earlier years' income for which no return was filed by the due date, any income declared in a return after the search shall be treated as concealment or furnishing inaccurate particulars. Act-Rules F. Acts / Amendment Acts Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=7861