{"act":{"id":"finance-act-2009","short_title":"The Finance Act, 2009","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2009-2010.","act_number":null,"act_year":2009,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":89,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2009/"},"unit":"section","section":{"number":"74","heading":"Amendment of section 271","text":"Amendment of section 271. 74. 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 ) 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.\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 271.</b></p><p><b>74.</b> In section 271 of the Income-tax Act, in sub-section (1), for <i>Explanation 5A</i>, the following <i>Explanation</i> shall be substituted and shall be deemed to have been substituted with effect from the 1st day of June, 2007, namely:—</p><p>\"<i>Explanation 5A.</i>—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—</p><p>(<i>i</i> ) any money, bullion, jewellery or other valuable article or thing (hereafter in this <i>Explanation</i> 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</p><p>(<i>ii</i> ) 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,</p><p>which has ended before the date of search and,—</p><p>(<i>a</i>) 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</p><p>(<i>b</i>) the due date for filing the return of income for such previous year has expired but the assessee has not filed the return,</p><p>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 (<i>c</i>) of sub-section (1) of this section, be deemed to have concealed the particulars of his income or furnished inaccurate particulars of such income.\".</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":285,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2009/section/74/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}