https://www.taxtmi.com/acts?id=51010 Penalty provision is amended by removal of the phrase "without reasonable cause," expanding penalty scope. Taxpayers who cannot substantiate items must prove their explanation is bona fide and that all facts material to income computation were disclosed; the proviso to Explanation 1 is omitted. Undisclosed income found in a search will not attract penalty if recorded in books or disclosed to the tax authority before the relevant date, or if the taxpayer, during the search, admits acquisition from undisclosed income, specifies its derivation, furnishes the return within statutory time limits and pays tax with interest. en-us Fri, 18 Apr 2025 17:49:37 +0530 Fri, 18 Apr 2025 17:49:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=51010 Penalty provision is amended by removal of the phrase "without reasonable cause," expanding penalty scope. Taxpayers who cannot substantiate items must prove their explanation is bona fide and that all facts material to income computation were disclosed; the proviso to Explanation 1 is omitted. Undisclosed income found in a search will not attract penalty if recorded in books or disclosed to the tax authority before the relevant date, or if the taxpayer, during the search, admits acquisition from undisclosed income, specifies its derivation, furnishes the return within statutory time limits and pays tax with interest. Act-Rules F. Acts / Amendment Acts Fri, 18 Apr 2025 17:49:37 +0530 https://www.taxtmi.com/acts?id=51010