TaxTMI Login
AI OCR ✕Convert scanned orders, printed notices, PDFs and images into clean, searchable, editable text within seconds. Starting at 2 Credits/page
Try Now →Just a moment...
AI OCR ✕Convert scanned orders, printed notices, PDFs and images into clean, searchable, editable text within seconds. Starting at 2 Credits/page
Try Now →
Press 'Enter' to add multiple search terms. Rules for Better Search
Use comma for multiple locations.
---------------- For section wise search only -----------------
Accuracy Level ~ 90%
of 
Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Case Laws
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of Press 'Enter' after typing page number.
Issues: Whether, for levy and computation of penalty for concealment of income, the relevant return is the original return filed by the assessee or a subsequent revised return accepted by the income-tax authorities.
Analysis: The penalty provision makes the measure of penalty depend on the tax that would have been avoided if the income as returned by the assessee had been accepted as correct. The expression "as returned" was held to refer to the return in respect of which the penalty is imposed, namely, the return that, if accepted, would have resulted in tax avoidance. A later revised return, which has been accepted and therefore causes no tax avoidance, cannot be used as the basis for computing the penalty. The Court also held that, on a reference under section 66, it had no power to remand the matter to the Tribunal for determination of a question left undecided because of an erroneous view of law.
Conclusion: The original return was the relevant return for penalty purposes, and the assessee's liability to penalty was upheld. The question was answered in the affirmative.
Ratio Decidendi: For penalty under the concealment provision, the relevant return is the one whose acceptance would have avoided tax, not a later revised return that has already been accepted.
TaxTMI 
TaxTMI 
