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Home Bare Acts Phrase: section 271Finance Act 2007 Section 77
Title: Insertion of New Section 271 Aaa
State: Central
Year: 2007
.....previous year. (2) Nothing contained in sub-section (1) shall apply if the assessee,-- (i) in the course of the search, in a statement under sub-section (4) of section 132, admits the undisclosed income and specifies the manner in which such income has been derived; (ii) substantiates the manner in which the undisclosed income was derived; and (iii) pays the tax, together with interest, if any, in respect of the undisclosed income. (3) No penalty under the provisions of clause (c) of sub-section (1) of section 271 shall be imposed upon the assessee in respect of the undisclosed income referred to in sub-section (1). (4) The provisions of sections 274 and 275 shall, so far as may be, apply in relation to the penalty referred to in this section. Explanation.--For the purposes of this section,-- (a) "undisclosed income" means-- (i) any income of the specified previous year represented, either wholly or partly, by any money, bullion, jewellery or other valuable article or thing or any entry in the books of account or other documents or transactions found in the course of a search under section 132, which has-- (A) not been recorded on or before the date of search.....
View Complete Act List Judgments citing this sectionFinance Act, 2002 Section 101
Title: Amendment of Section 271
State: Central
Year: 2002
In section 271 of the Income-tax Act, in sub-section (1),-- (a) in the opening portion, after the words and brackets "Commissioner (Appeals)", the words "or the Commissioner" shall be inserted with effect from the 1stday of June, 2002; (b) in clause (ii), for the words "in addition to any tax payable", the words "in addition to tax, if any, payable" shall be substituted with effect from the 1st day of April, 2003; (c) in clause (iii), for the words "in addition to any tax payable", the words "in addition to tax, if any, payable" shall be substituted with effect from the 1st day of April, 2003; (d) in Explanation 1, in clause (A), after the words and brackets "Commissioner (Appeals)", the words "or the Commissioner" shall be inserted with effect from the 1st day of June, 2002; (e) in Explanation 3, the words "who has not previously been assessed under this Act," shall be omitted with effect from the 1st day of April, 2003; (f) in Explanation 4, for clause (a), the following clause shall be substituted with effect from the 1st day of April, 2003, namely:-- "(a) in any case where the amount of income in respect of which particulars have been concealed or inaccurate.....
View Complete Act List Judgments citing this sectionFinance Act 1968 Section 19
Title: Amendment of Section 271
State: Central
Year: 1968
In section 271 of the Income-tax Act, in sub-section (1), for clause (iii), the following clause shall be substituted, namely :- "(iii) in the cases referred to in clause (c), in addition to any tax payable by him, a sum which shall not be less than, but which shall not exceed twice, the amount of the income in respect of which the particulars have been concealed or inaccurate particulars have been furnished.".
View Complete Act List Judgments citing this sectionFinance Act, 2012, (Central) Section 92
Title: Amendment of Section 271
State: Central
Year: 2012
In section 271 of the Income-tax Act, in sub-section (1), in Explanation 7, for the words "international transaction", the words "international transaction or specified domestic transaction" shall be substituted with effect from the 1st day of April, 2013.
View Complete Act List Judgments citing this sectionFinance Act 2008 Section 52
Title: Amendment Section 271
State: Central
Year: 2008
In section 271 of the Income-tax Act, after sub-section (1A), the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1989, namely:-- (1B) Where any amount is added or disallowed in computing the total income or loss of an assessee in any order of assessment or reassessment and the said order contains a direction for initiation of penalty proceedings under clause (c) of sub-section (1), such an order of assessment or reassessment shall be deemed to constitute satisfaction of the Assessing Officer for initiation of the penalty proceedings under clause (c).
View Complete Act List Judgments citing this sectionFinance (No. 2) Act 2009 Section 74
Title: Amendment of Section 271
State: Central
Year: 2009
In section 271 of the Income-tax Act, in sub-section (1), for Explanation 5A, the following Explanation shall be substituted and shall be deemed to have been substituted with effect from the 1st day of June, 2007, namely:-- "Explanation 5A.--Where, in 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) arty 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 (ii) any income based on any entry in any books of account or other documents or transactions and he claims that such entry in the books of 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 furnished before 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 has expired but the.....
View Complete Act List Judgments citing this sectionFinance Act 2001 Section 86
Title: Amendment of Section 271
State: Central
Year: 2001
.....the 1st day of April, 2002, namely:- "Explanation 7.- Where in the case of an assessee who has entered in to an international transaction defined in section 92B, any amount is added or disallowed 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) of this sub-section, be deemed to represent income in respect of which particulars have been concealed or inaccurate particular have been furnished, unless the assessee proves to the satisfaction of the Assessing Officer or the Commissioner (Appeals) that the price charged or paid in such transaction was computed in accordance with the provisions contained in section 92C and in the manner prescribed under that section, in good faith and with due diligence.".
View Complete Act List Judgments citing this sectionFinance Act 2007 Section 76
Title: Amendment of Section 271
State: Central
Year: 2007
In section 271 of the Income-tax Act, in sub-section (1),-- (i) in Explanation 4, in clause (b), for the words "means the tax on the total income assessed;", the words and figures "means the tax on the total income assessed as reduced by the amount of advance tax, tax deducted at source, tax collected at source and self assessment tax paid before the issue of notice under section 148;" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2003; (ii) in Explanation 5, in the opening portion, for the words and figures "search under section 132", the words, figures and letters "search initiated under section 132 before the 1st day of June, 2007" shall be substituted with effect from the 1st day of June, 2007; (iii) after Explanation 5, the following Explanation shall be inserted with effect from the 1st day of June, 2007, namely:-- "Explanation 5A.--Where in 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 (hereinafter in this Explanation referred to as assets) and the.....
View Complete Act List Judgments citing this sectionFinance Act 2005 Section 58
Title: Amendment of Section 271
State: Central
Year: 2005
.....Act, with effect from the 1st day of April, 2006,-- (a) in sub-section (1).-- (A) in clause (b), for the words, brackets and figures "under sub-section (1) of section 142", the words, brackets, figures and letters "under sub-section (2) of section 115WD or under sub-section (2) of section 115WE or under sub-section (1) of section 142" shall be substituted; (B) in clause (c), for the word "income", the words "income, or" shall be substituted; (C) after clause (c), the following clause shall be inserted, namely:-- "(d) has concealed the particulars of the fringe benefits or furnished inaccurate particulars of such fringe benefits,"; (D) in sub-clause (iii),-- (i) for the word, brackets and letter "clause (c)", the words, brackets and letters "clause (c) or clause (d)" shall be substituted; (ii) for the word "income", at both the places where it occurs, the words "income or fringe benefits" shall be substituted; (b) after sub-section (5), the following sub-section shall be inserted, namely:-- "(6) Any reference in this section to the income shall be construed as a reference to the income or fringe benefits, as the case may be, and the provisions of this section.....
View Complete Act List Judgments citing this sectionFinance Act 2005 Section 57
Title: Amendment of Section 246a
State: Central
Year: 2005
In section 246A of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 2006,-- (i) after clause (a), the following clauses shall be inserted, namely:-- "(aa) an order of assessment under sub-section (3) of section 115WE or section 115WF, where the assessee, being an employer objects to the value of fringe benefits assessed; (ab) an order of assessment or reassessment under section 115WG;"; (ii) in clause (j), in sub-clause (B), for the word, figures and letter "section 271 F", the words, figures and letters "section 271 F, section 271FB" shall be substituted.
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