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

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....ets which are not recorded in the Books of accounts are found 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 as....

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.... filed so far since the period for filing the return u/s 139(1) had 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 in....