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2021 (3) TMI 595 - HC - Income TaxLevy of penalty u/s 271(1)(c) - concealment of income - suppression of turnover for sales tax purposes - Filing of revised return offering an additions sum after initiating enquiry proceedings after the expiry of permissible period - HELD THAT:- revised return was filed only on 14.1.1991, while the two years period for filing the revised return under Section 139(5) as it then stood for the assessment year 1987-88 expired on 31.3.1990. In the aforesaid factual scenario, it cannot be held that the revised return filed by the assessee can be treated in the eye of law as a return to substitute the original return with the revised one with the effect of completely effacing the original return. Once we have found that the revised return cannot have the effect of effacing the original return, it is explicit that concealment of the particulars of income and furnishing of inaccurate particulars of income were revealed to the assessing officer in the course of proceedings under the Act. There could be no manner of doubt that, if the assessing officer in the course of any proceedings under the then Act becomes satisfied about the concealment of income or furnishing of inaccurate particulars of such income, he is entitled to initiate proceedings for imposition of penalty as per Section 271(1)(c) of the Act. Decided against the assessee.
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