Penalty u/s 271(1)(c)

This query is : Resolved

paresh zatakia (Querist)
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11 September 2015 An assess received notice u/s 148 for purchase from suspicious dealer. The assesse filed revised return disallowing 100% purchase from suspicious dealer. The assesse filed copy of return & asked the A.O. copy of reasons recorded in writing for reopening u/s 148.
After three months A.O. gave reasons recorded in writing saying it is because of bogus purchase from suspicious dealer.
MY QUERRY :
1)The assesee has already disallowed the 100% purchase before he received reasons recorded in writing, can the A.O. levy penalty u/s 271(1)(c)
Kind regards
c.a.paresh zatakia
9833855518

Rajesh Kumar

Rajesh Kumar (Expert)
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11 September 2015 Penalty can be imposed- joseph [2000 (143) ITR 818], Radha Krishna [1998 (143) ITR 409]. Penalty cannot be avoided merely by filing revised return. Further, original return and not the revised return should be taken into account for determining applicable law- Khub Chand [1991 (187) ITR 334].