Section 50 - Amendment of section 273A - Taxation Laws (Amendment) Act, 1984

50. Amendment of section 273A. In section 273A of the Income-tax Act, with effect from the 1 st day of October, 1984, (a) in sub-section (1), the Explanation shall be numbered as Explanation 1 and after Explanation 1 as so numbered, the following Explanation shall be inserted, namely: Explanation 2. Where any books of account, other documents, money, bullion, jewellery or other valuable article or thing belonging to a person are seized under section 132 and within fifteen days of such seizure, the person makes a full and true disclosure of his income to the Commissioner, such person shall, for the purposes of clause (b) of this sub-section, be deemed to have made, prior to the detection by the Income-tax Officer of the concealment of particulars of income or of the inaccuracy of particulars furnished in respect of such income, voluntarily and in good faith, a disclosure of such particulars. ; (b) in sub-section (2), in clause (a), for the words fifty thousand rupees , the words one hundred thousand rupees shall be substituted; (c) to sub-section (4), the following proviso shall be added, namely: Provided that where the amount of any penalty payable under this Act or, where such application relates to more than one penalty, the aggregate amount of such penalties exceeds one hundred thousand rupees, no order reducing or waiving the amount or compounding any proceeding for its recovery under this sub-section shall be made by the Commissioner except with the previous approval of the Board. .