https://www.taxtmi.com/caselaws?id=19281 The court held in favor of the assessee on all issues. It determined that the return filed on May 24, 1971, qualified as a revised return under section 139(5) of the Income-tax Act. The CBDT circular was considered binding, preventing the imposition of a penalty despite the revised return offering concealed income. The Inspecting Assistant Commissioner was not permitted to impose a penalty in light of the CBDT advertisement. Additionally, the court found no basis for imposing a penalty related to income from undisclosed sources. The Explanation to section 271(1)(c) was deemed inapplicable as the returned income exceeded 80% of the assessed income. en-us Fri, 25 Sep 1992 00:00:00 +0530 Thu, 05 Nov 2009 11:51:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19281 The court held in favor of the assessee on all issues. It determined that the return filed on May 24, 1971, qualified as a revised return under section 139(5) of the Income-tax Act. The CBDT circular was considered binding, preventing the imposition of a penalty despite the revised return offering concealed income. The Inspecting Assistant Commissioner was not permitted to impose a penalty in light of the CBDT advertisement. Additionally, the court found no basis for imposing a penalty related to income from undisclosed sources. The Explanation to section 271(1)(c) was deemed inapplicable as the returned income exceeded 80% of the assessed income. Case-Laws Income Tax Fri, 25 Sep 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19281