https://www.taxtmi.com/caselaws?id=218481 The High Court upheld the Tribunal's decision, ruling that the filing of revised returns before the notice under Section 148 of the Act did not indicate concealment of income. The Court emphasized the voluntary nature of the revised returns and the absence of intent to evade tax, leading to the dismissal of the Revenue's appeal. The judgment highlighted the distinction between suppression of turnover and taxable income, noting that payment of excise duty did not automatically imply taxable income under the Income Tax Act. en-us Wed, 08 Aug 2012 00:00:00 +0530 Sat, 17 Nov 2012 08:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218481 The High Court upheld the Tribunal's decision, ruling that the filing of revised returns before the notice under Section 148 of the Act did not indicate concealment of income. The Court emphasized the voluntary nature of the revised returns and the absence of intent to evade tax, leading to the dismissal of the Revenue's appeal. The judgment highlighted the distinction between suppression of turnover and taxable income, noting that payment of excise duty did not automatically imply taxable income under the Income Tax Act. Case-Laws Income Tax Wed, 08 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218481