Return U/S 153A
Vikash (22 Points)
10 May 2007
Whether Concealment Penalty is attracted on extra income disclosed in return filed in response to notice u/s 153A ?
1 Replies
nbala
(19 Points)
Replied 23 May 2007
Return u/s 153A is filed in case of Search or requistion. if the Assessing has identified any undisclosed income then penalty under sec 271(1)(C) is leviable.
If the Assesseee discloses over the undisclosed income identified by the officer voluntarily then penalty provisions are not attracted
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