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Penalty on Revised Return U/S 271(1)(c)

Prabeer (B. COM (H) CA & CS Final) (5484 Points)

22 December 2009

Can a penalty be levied U/S 271(1)(c) by an AO on a revised return which has already been treated by the AO as invalid return U/S 139(9)?

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4 Replies

CA.Tarun Maheshwari (CA, DISA) (7150 Points)
Replied 22 December 2009

271(1)(c) is on concealment of income, not for invalid revised return. There must be some additional facts involved. Pls clarify.

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kabirsen (student) (251 Points)
Replied 22 December 2009

no it wont be imposed. first of all a defective return has no existence in eyes of law. secondly the itr filed subsequently is a belated return and the assessee is voluntarily disclosing his income. he is not filing a return in response to any assessment notice.