Income Tax Act, 2025
Section 3: Subs. by Act 46 of 1986, s. 19, for certain words (w.e.f. 101986).
3. Subs. by Act 46 of 1986, s. 19, for certain words (w.e.f. 101986).
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in the books of account, if any, maintained by him for any source of income or such income is
otherwise disclosed to the 1[2[Principal Chief Commissioner or Chief Commissioner] or 3[Principal
Commissioner or Commissioner] before the said date ; or]
(2) he, in the course of the search, makes a statement under sub-section (4) of section 132 that any
money, bullion, jewellery or other valuable article or thing found in his possession or under his control,
has been acquired out of his income which has not been disclosed so far in his return of income to be
furnished before the expiry of time specified in 4*** sub-section (1) of section 139, and also specifies in
the statement the manner in which such income has been derived and pays the tax, together with interest,
if any, in respect of such income.]
5[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 (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 assessee
has not filed the return,
then, notwithstanding that such income is declared by him in any return of income furnished on or after
the date of search, he shall, for the purposes of imposition of a penalty under clause (c) of sub-section (1)
of this section, be deemed to have concealed the particulars of his income or furnished inaccurate
particulars of such income.]
6[Explanation 6.—Where any adjustment is made in the income or loss declared in the return under
the proviso to clause (a) of sub-section (1) of section 143 and additional tax charged under that section,
the provisions of this sub-section shall not apply in relation to the adjustment so made.]
7[Explanation 7.—Where in the case of an assessee who has entered into an 8[international transaction
or specified domestic 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 the income in respect of
which particulars have been concealed or inaccurate particulars have been furnished, unless the assessee
proves to the satisfaction of the Assessing Officer or the Commissioner (Appeals) 9[or the 3[Principal
Commissioner or Commissioner]] 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.]
he, in the course of the search, makes a statement under sub-section
of section 132 that any
money, bullion, jewellery or other valuable article or thing found in his possession or under his control,
has been acquired out of his income which has not been disclosed so far in his return of income to be
furnished before the expiry of time specified in 4*** sub-section
of section 139, and also specifies in
the statement the manner in which such income has been derived and pays the tax, together with interest,
if any, in respect of such income.]
5[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—
any 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
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,—
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
the due date for filing the return of income for such previous year has expired but the assessee
has not filed the return,
then, notwithstanding that such income is declared by him in any return of income furnished on or after
the date of search, he shall, for the purposes of imposition of a penalty under clause
of sub-section
of this section, be deemed to have concealed the particulars of his income or furnished inaccurate
particulars of such income.]
6[Explanation 6.—Where any adjustment is made in the income or loss declared in the return under
the proviso to clause
of sub-section
of section 143 and additional tax charged under that section,
the provisions of this sub-section shall not apply in relation to the adjustment so made.]
7[Explanation 7.—Where in the case of an assessee who has entered into an 8[international transaction
or specified domestic transaction] defined in section 92B, any amount is added or disallowed in
computing the total income under sub-section
of section 92C, then, the amount so added or disallowed
shall, for the purposes of clause
of this sub-section, be deemed to represent the income in respect of
which particulars have been concealed or inaccurate particulars have been furnished, unless the assessee
proves to the satisfaction of the Assessing Officer or the Commissioner
9[or the 3[Principal
Commissioner or Commissioner]] 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.]