2017 (11) TMI 1229 - SCH - Income Tax

Supreme Court Dismisses Special Leave Petition, Addresses Delay Issue.

The Supreme Court dismissed the special leave petition, condoning the delay. The question of law remains open, and pending applications are disposed of. - ... Penalty u/s 271(1)(c) - Whether under Section 271(1)(c) as it stood prior to the insertion of Explanation 5, levy of penalty is automatic if return filed by the assessee under Section 153A of the Act discloses higher income than in the return filed under Section 139(1)? - Held that:- The special leave petition is dismissed. The question of law is, however, kept open. HC has held [2017 (2) TMI 1002 - DELHI HIGH COURT] Once the assessee files a revised return under Section 153A, for all other provisions of the Act, the revised return will be treated as the original return filed under Section 139.For all purposes, including for the purpose of levying penalty under Section 271(1)(c) of the Act, the return that has to be looked at is the one filed under Section 153A. The Supreme Court dismissed the special leave petition while condoning the delay. The question of law is kept open and pending applications are disposed of. (Case Citation: 2017 (11) TMI 1229 - SC Order)