Penalty u/s 271(1)(c) - revised returns were not valid returns ...

Income Tax

December 30, 2023

Penalty u/s 271(1)(c) - revised returns were not valid returns u/s 139(5) and that, such returns were not voluntarily filed rather the same were filed only after detection of concealment of income during the course of the survey - this is a case of deliberate omission in the first return and further, the second return filed by the appellant is not a voluntary one, as rightly held by the ITAT - Levy of penalty confirmed - HC

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Penalty u/s 271(1)(c) - revised returns were not valid returns ...

Income Tax

December 30, 2023

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Failure on the part of the assessee to file the returns voluntarily, as statutorily prescribed, would be a culpable act or omission attracting penalty under Section 271(1)(c).

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