Amendment of Expl 5 to Sec.271(1)(c).

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....nd during a search operation a tax payer is liable to penalty for concealment even if he declared the full value of those assets as his income, in the return filed after the search. Therefore, this provision was seen to be operating even in cases where the assessee has no intention to conceal income and was in fact going to declare such assets in the return that was going to be filed for that year....

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....ad not expired; (c) specifies in the statement the manner in which such income has been earned, (d) pays the tax on such income together with interest, if any; (e) no penalty for concealment is leviable. 3. It is clarified that the words 'in the course of the search' occuring in Explanation 5 of Section 271(1)(c) would include the period during which any locker, godown etc. is the subject matt....