India - Income Tax Act 2010 - Saarc

1.907 CH. XXI - PENALTIES IMPOSABLE S. 271claims that such assets have been acquired by him by utilising (whollyor in part) his income for any previous year; or(ii) any income based on any entry in any books of account or otherdocuments or transactions and he claims that such entry in the booksof account or other documents or transactions represents his income(wholly or in part) for any previous year,which has ended before the date of search and,—(a) where the return of income for such previous year has been furnishedbefore the said date but such income has not been declared therein;or(b) the due date for filing the return of income for such previous year hasexpired but the assessee has not filed the return,then, notwithstanding that such income is declared by him in any return ofincome furnished on or after the date of search, he shall, for the purposes ofimposition of a penalty under clause (c) of sub-section (1) of this section, bedeemed to have concealed the particulars of his income or furnished inaccurateparticulars of such income.]38[Explanation 6.—Where any adjustment is made in the income or loss declaredin the return under the proviso to clause (a) of sub-section (1) of section 143 andadditional tax charged under that section, the provisions of this sub-section shallnot apply in relation to the adjustment so made.]39[Explanation 7.—Where in the case of an assessee who has entered into aninternational transaction defined in section 92B, any amount is added ordisallowed in computing the total income under sub-section (4) of section 92C,then, the amount so added or disallowed shall, for the purposes of clause (c) ofthis sub-section, be deemed to represent the income in respect of whichparticulars have been concealed or inaccurate particulars have been furnished,unless the assessee proves to the satisfaction of the Assessing Officer or theCommissioner (Appeals) 40 [or the Commissioner] that the price charged or paidin such transaction was computed in accordance with the provisions containedin section 92C and in the manner prescribed under that section, in good faith andwith due diligence.]41[(1A) Where any penalty is imposable by virtue of Explanation 2 to subsection(1), proceedings for the imposition of such penalty may be initiatednotwithstanding that any proceedings under this Act in the course of which suchpenalty proceedings could have been initiated under sub-section (1) have beencompleted.]42[(1B) Where any amount is added or disallowed in computing the total incomeor loss of an assessee in any order of assessment or reassessment and the said38. Inserted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989.39. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002.40. Inserted by the Finance Act, 2002, w.e.f. 1-6-2002.41. Inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976.42. Inserted by the Finance Act, 2008, w.r.e.f. 1-4-1989.