Search U/s 132

This query is : Open

Krishna Murthy (Querist)
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12 October 2009 Sir, Search was conducted and notice u/s 153 is issued to file returns for the prior six assessment years. Should these returns contain same income and expenditure & assets and liabilies with respect to tha returns filed u/s 139 earlier or we can alter?

What is the position if the earlier years the assessee was liable for tax audit? Can we alter those returns also? what may be the consquences if we alter now

Rajeev

Rajeev (Expert)
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13 October 2009 Sir ,

I think u mean 153A and not 153 .Yes you can revise your returns since the assessment in case of search is pending .

Returns can be revised anytime before the assessment is made.

Consequences : Penalty would be levied u/s 271(1)(c) , cannot contend that return was revised before assessment as its a pure case of concealment .

Prosecution u/s 277 for concealing facts, deliberately making a false return . Offence cannot be condoned by filing a revised return

Trouble for CA auditing books , if proved he was a party to concealment .

Barring 153B and 153C all provisions of assessment applies to assessment u/s 153A