India - Income Tax Act 2010 - Saarc

1.905 CH. XXI - PENALTIES IMPOSABLE S. 271clause (c) of this sub-section, be deemed to have concealed the particulars of hisincome in respect of such assessment year, notwithstanding that such personfurnishes a return of his income at any time after the expiry of the periodaforesaid in pursuance of a notice under section 148.]Explanation 4.—For the purposes of clause (iii) of this sub-section, the expression“the amount of tax sought to be evaded”,—30[(a) in any case where the amount of income in respect of which particularshave been concealed or inaccurate particulars have beenfurnished has the effect of reducing the loss declared in the return orconverting that loss into income, means the tax that would have beenchargeable on the income in respect of which particulars have beenconcealed or inaccurate particulars have been furnished had suchincome been the total income;](b) in any case to which Explanation 3 applies, means the tax on the totalincome assessed 31 [as reduced by the amount of advance tax, taxdeducted at source, tax collected at source and self-assessment taxpaid before the issue of notice under section 148];(c) in any other case, means the difference between the tax on the totalincome assessed and the tax that would have been chargeable hadsuch total income been reduced by the amount of income in respectof which particulars have been concealed or inaccurate particularshave been furnished.]32[Explanation 5.—Where in the course of a 33 [search initiated under section 132before the 1st day of June, 2007], the assessee is found to be the owner of anymoney, bullion, jewellery or other valuable article or thing (hereafter in thisExplanation referred to as assets) and the assessee claims that such assets havebeen acquired by him by utilising (wholly or in part) his income,—(a) for any previous year which has ended before the date of the search,but the return of income for such year has not been furnished beforethe said date or, where such return has been furnished before the saiddate, such income has not been declared therein ; or(b) for any previous year which is to end on or after the date of the search,then, notwithstanding that such income is declared by him in any return ofincome furnished on or after the date of the search, he shall, for the purposes ofimposition of a penalty under clause (c) of sub-section (1) of this section, be30. Substituted by the Finance Act, 2002, w.e.f. 1-4-2003. Prior to its substitution, clause (a)read as under :“(a) in any case where the amount of income in respect of which particulars have beenconcealed or inaccurate particulars have been furnished exceeds the total incomeassessed, means the tax that would have been chargeable on the income in respectof which particulars have been concealed or inaccurate particulars have beenfurnished had such income been the total income ;”31. Inserted by the Finance Act, 2007, w.r.e.f. 1-4-2003.32. Inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984.33. Substituted for “search under section 132” by the Finance Act, 2007, w.e.f. 1-6-2007.