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2018 (8) TMI 971 - AT - Income TaxLevy of penalty u/s 271(1)(c) - Assessment u/s 153A - revised return - Assessee contended that, when the assessee filed the return pursuant to notice u/s 153A of the Act and validly revised it, such return takes the place and deemed to have been filed the return u/s 139(1) of the Act and since the assessment is complete accepting the revised return, no penalty could be levied. - Held that:- the return of income filed pursuant to the notice u/s 153A takes the place of the return filed u/s 139(1) which was validly revised by the assessee even before any defect was pointed out by the learned AO. - Admittedly, in this matter both the returned income and the assessed income are nil. On this ground also, we cannot sustain the penalty order. No penalty - Decided in favor of assessee
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