Amendment of section 271
Section 74 of the Finance Act, 2009 deals with amendment of section 271. 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 sear
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.".
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Section 74, The Finance Act, 2009.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 74
What does Section 74 of the Finance Act deal with?
Section 74 of the Finance Act is headed "Amendment of section 271". 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 sear
How do I find court cases under Section 74 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2009 74, section 74 Finance Act 2009, section 74 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 74 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 271 (Failure to furnish returns, comply with notices, concealment of income, etc), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 2009. India Code records no commencement date for it. It is in force as at the date shown on this page.
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- 13. Insertion of new section 35AD1148 words
- 61. Substitution of new section for section 194C936 words
- 37. Amendment of section 80-IB761 words
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