(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 ] [* * *] [ Omitted by Act 3 of 1989, Section 50 (w.e.f. 1.4.1989).][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.] [Substituted by Act 4 of 1988, Section 106 (w.e.f. 1.4.1989).][Explanation 5-A.-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.][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.] [ Inserted by Act 3 of 1989, Section 50 (w.e.f. 1.4.1989).][Explanation 7. - Where in the case of an assessee who has entered into an international transaction defined in section 92-B, any amount is added or disallowed in computing the total income under sub-section (4) of section 92-C, 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 ] [Inserted by Act 14 of 2001, Section 86 (w.e.f. 1.4.2002).][or the Commissioner] [ Inserted by Act 20 of 2002, Section 101 (w.e.f. 1.6.2002).][(Appeals) or the Commissioner that the price charged or paid in such transaction was computed in accordance with the provisions contained in section 92-C and in the manner prescribed under that section, in good faith and with due diligence.] [Inserted by Act 14 of 2001, Section 86 (w.e.f. 1.4.2002).][(1-A) Where any penalty is imposable by virtue of Explanation 2 to sub-section (1), proceedings for the imposition of such penalty may be initiated notwithstanding that any proceedings under this Act in the course of which such penalty proceedings could have been initiated under sub-section (1) have been completed.] [ Inserted by Act 41 of 1975, Section 60 (w.e.f. 1.4.1976).][(1-B) 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 the said clause (c).] [ Inserted by Act 18 of 2008, Section 52 (w.r.e.f. 1.4.1989).]
