https://www.taxtmi.com/highlights?id=39992 Levy of penalty u/s 271(1)(c) - Once the AO accepts the revised return filed u/s 153A, the original return under Section 139 abates and becomes non-est - assessee has voluntarily admitted the unexplained expenditure and AO has accepted the same - No penalty can be levied. en-us Mon, 18 Jun 2018 08:13:35 +0530 Mon, 18 Jun 2018 08:13:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=39992 Levy of penalty u/s 271(1)(c) - Once the AO accepts the revised return filed u/s 153A, the original return under Section 139 abates and becomes non-est - assessee has voluntarily admitted the unexplained expenditure and AO has accepted the same - No penalty can be levied. Highlights Income Tax Mon, 18 Jun 2018 08:13:35 +0530 https://www.taxtmi.com/highlights?id=39992