No penalty u/s 271(1)(c) for revised returns if no incriminating evidence of deliberate income concealment.

No penalty u/s 271(1)(c) for revised returns if no incriminating evidence of deliberate income concealment. https://www.taxtmi.com/highlights?id=47798 Penalty u/s. 271(1)(c) - income disclosed by the assessee u/s 153A - The mere fact that the assessee has filed revised returns disclosing higher income than in the original return, in the absence of any other incriminating evidence, does not show that the assessee has “concealed”his income for the relevant assessment years. - No penalty. en-us Tue, 09 Jul 2019 06:21:06 +0530 Tue, 09 Jul 2019 06:21:06 +0530 TaxTMI RSS Generator No penalty u/s 271(1)(c) for revised returns if no incriminating evidence of deliberate income concealment. https://www.taxtmi.com/highlights?id=47798 Penalty u/s. 271(1)(c) - income disclosed by the assessee u/s 153A - The mere fact that the assessee has filed revised returns disclosing higher income than in the original return, in the absence of any other incriminating evidence, does not show that the assessee has “concealed”his income for the relevant assessment years. - No penalty. Highlights Income Tax Tue, 09 Jul 2019 06:21:06 +0530 https://www.taxtmi.com/highlights?id=47798