https://www.taxtmi.com/caselaws?id=12569 Private diaries used to record undisclosed and clandestine transactions are not "books of account" maintained for any source of income within Explanation 5 to section 271(1)(c). The provision protects an assessee only where the relevant income or transaction is entered in books kept for determining taxable income and preparing credible tax accounts before the search, or where another statutory exception applies. Regular or contemporaneous diary entries do not satisfy that requirement when the records are not maintained for income computation under the Act. The later statutory definition of books of account did not change the position for the assessment years in question, so penalty immunity was unavailable and concealment penalty remained applicable. en-us Fri, 03 May 2002 00:00:00 +0530 Wed, 24 Dec 2025 17:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12569 Private diaries used to record undisclosed and clandestine transactions are not "books of account" maintained for any source of income within Explanation 5 to section 271(1)(c). The provision protects an assessee only where the relevant income or transaction is entered in books kept for determining taxable income and preparing credible tax accounts before the search, or where another statutory exception applies. Regular or contemporaneous diary entries do not satisfy that requirement when the records are not maintained for income computation under the Act. The later statutory definition of books of account did not change the position for the assessment years in question, so penalty immunity was unavailable and concealment penalty remained applicable. Case-Laws Income Tax Fri, 03 May 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12569