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2014 (2) TMI 801 - HC - Income TaxEntitlement to file a revised return – Search and seizure u/s 132(1) of the Act – Notice u/s 158BC issued – Requirement to file return for undisclosed income - Revenue was of the view that as the assessee had already furnished return under Section 158BC thus the income disclosed by the assessee was treated as concealed income in terms of Section 158BFA of the Act – Held that;- The provision contained in second proviso to Section 158BC of the Act is mandatory, the undisclosed income even if disclosed by the assessee, after the filing of the return u/s 158BC by filing a revised return, would be liable to be treated as concealed income and hence, incur penalty - the assessee cannot file even a revised lower return on account of some mistake committed by him and thus, the second proviso to Section 158BC is intended at prohibiting the assessee from filing a revised higher return with a view to get away with imposition of penalty on the undisclosed income - The plea taken by the assessee that penalty could not have been imposed on the additional undisclosed income disclosed by the assessee itself, is fallacious - Merely because the disclosure of additional undisclosed income was made by the assessee prior to any notice from the Assessing Officer would not lead to a presumption that the Assessing Officer could not have detected the concealed income. Second proviso to Section 158BC is mandatory and the provision under Section 158BFA is also mandatory subject to the conditions mentioned - thus, the intention of the assessee is immaterial – Relying upon Chairman, SEBI Vs. Shriram Mutual Fund and Anr. [2006 (5) TMI 191 - SUPREME COURT OF INDIA] - An assessee is not entitled to file revised return, once the return under Section 158BC is filed - The provisions under Section 158BFA is also mandatory and therefore, irrespective of the intention of the assessee, the undisclosed income disclosed by the assessee after filing the return under Section 158BC, would attract penalty - The plea of non-supply of documents is not available to the assessee for filing a revised return though, such a plea may be available to the assessee for challenging the final order on the ground of violation of the principles of natural justice – thus, the matter remitted back to the CIT(A) for fresh consideration - Decided in favour of Revenue.
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