Amendment of section 271

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....the course of a search initiated under section 132 on or after the 1st day of June, 2007, the assessee is found to be the owner of— (i) any money, bullion, jewellery or other valuable article or thing (hereafter in this Explanation referred to as assets) and the assessee claims that such assets have been acquired by him by utilising (wholly or in part) his income for any previous year; or ....

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....ion, be deemed to have concealed the particulars of his income or furnished inaccurate particulars of such income.". - Clause 73 of the Bill seeks to amend section 271 of the Incometax Act which relates to penalties imposable for failure to furnish returns, comply with notices, concealment of income, etc. Under the existing provisions contained in the Explanation 5A of sub-section (1) of said ....

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....t filed the return, then, notwithstanding that such income is declared by him in any return of income furnished on or after the date of the search, he shall, for the purposes of imposition of a penalty under clause (c) of subsection (1) of this section, be deemed to have concealed the particulars of his income or furnished inaccurate particulars of such income. It is proposed to amend the said ....