Tuesday 4 September 2012

Despite s. 143(2) notice, Revised ROI saves from s. 271(1)(c) penalty

Despite s. 143(2) notice, Revised ROI saves from s. 271(1)(c) penalty
Merely because a notice u/s 143(2) had already been issued and the assessee filed revised return thereafter, disclosing additional income towards capital gains, which was not correctly shown in the original return, does not tantamount to detection of concealment of income u/s. 271(1)(c) of the Act (Suresh Chandra Mittal 251 ITR 9 (SC) followed) {see also Radheshyam Sarda (ITAT Indore)}

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