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Assessment initiated under section 153C must proceed in accordance with section 153A, so pending returns under section 139(1) or section 139(4) cannot remain operative for determining concealment. Where an assessee discloses additional income in the section 153A return and the assessment accepts it without further addition, the tax assessed equals the tax payable on that return. The statutory computation therefore yields no tax sought to be evaded, precluding concealment penalty under section 271(1)(c). The penalty restoration was quashed and the appeal succeeded.
Assessment initiated under section 153C must proceed in accordance with section 153A, so pending returns under section 139(1) or section 139(4) cannot remain operative for determining concealment. Where an assessee discloses additional income in the section 153A return and the assessment accepts it without further addition, the tax assessed equals the tax payable on that return. The statutory computation therefore yields no tax sought to be evaded, precluding concealment penalty under section 271(1)(c). The penalty restoration was quashed and the appeal succeeded.
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TaxTMI 
TaxTMI 
