https://www.taxtmi.com/circulars?id=9747 Explanation 5 affords penalty immunity where an assessee, during a search, admits undisclosed income, explains its derivation and pays tax and interest on that income. The Board's view is that this immunity applies only if the tax and interest on the admitted concealed income are paid by the earlier of the due dates prescribed for filing the return of income under the return-filing provisions. en-us Tue, 12 May 1987 00:00:00 +0530 Wed, 08 Jun 2011 17:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9747 Explanation 5 affords penalty immunity where an assessee, during a search, admits undisclosed income, explains its derivation and pays tax and interest on that income. The Board's view is that this immunity applies only if the tax and interest on the admitted concealed income are paid by the earlier of the due dates prescribed for filing the return of income under the return-filing provisions. Circulars Income Tax Tue, 12 May 1987 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9747