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ITAT held that the revised return operated as a substitution for the original return and, as the AO assessed income identical to the revised return and accepted the assessee's explanations, there was no concealment or furnishing of inaccurate particulars; accordingly penalty under s.271(1)(c) could not be levied. The tribunal reversed the penalty order, finding that once tax was recovered on the revised return and no material demonstrated falsehood or suppression in the particulars furnished, the statutory requirement for imposing penalty was not satisfied. Appeal allowed and penalty set aside.
ITAT held that the revised return operated as a substitution for the original return and, as the AO assessed income identical to the revised return and accepted the assessee's explanations, there was no concealment or furnishing of inaccurate particulars; accordingly penalty under s.271(1)(c) could not be levied. The tribunal reversed the penalty order, finding that once tax was recovered on the revised return and no material demonstrated falsehood or suppression in the particulars furnished, the statutory requirement for imposing penalty was not satisfied. Appeal allowed and penalty set aside.
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