https://www.taxtmi.com/circulars?id=9712 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. en-us Mon, 29 Dec 1986 00:00:00 +0530 Wed, 08 Jun 2011 16:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9712 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. Circulars Income Tax Mon, 29 Dec 1986 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9712