https://www.taxtmi.com/caselaws?id=405267 The High Court held that the appellant's revised return, filed after the deadline, could not replace the original return. Consequently, the concealment of income discovered in the revised return justified penalty imposition under Section 271(1)(c) of the Income Tax Act, 1961. The court affirmed that penalty proceedings were valid as the assessing officer identified discrepancies during the revised assessment process, emphasizing the authority to initiate penalties upon such discoveries. The appeal was dismissed, upholding the penalty imposition based on the concealment of income revealed in the revised assessment. en-us Fri, 15 Jan 2021 00:00:00 +0530 Tue, 16 Mar 2021 08:46:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405267 The High Court held that the appellant's revised return, filed after the deadline, could not replace the original return. Consequently, the concealment of income discovered in the revised return justified penalty imposition under Section 271(1)(c) of the Income Tax Act, 1961. The court affirmed that penalty proceedings were valid as the assessing officer identified discrepancies during the revised assessment process, emphasizing the authority to initiate penalties upon such discoveries. The appeal was dismissed, upholding the penalty imposition based on the concealment of income revealed in the revised assessment. Case-Laws Income Tax Fri, 15 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405267