https://www.taxtmi.com/caselaws?id=29484 The High Court held that a return filed under section 139(4) can be revised and should be treated as a substitution of the original return. The assessment based on the revised return filed under section 139(4) was deemed valid within the time-limit under section 153(1)(b). Additionally, the initiation of penalty proceedings under section 271(1)(c) for concealment of income was upheld. The Court emphasized that concealment is complete at the time of filing the initial return, and subsequent disclosure does not erase the offense. The outcome favored the Revenue on all three issues. en-us Wed, 10 Jun 1981 00:00:00 +0530 Sat, 13 Mar 2010 12:29:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29484 The High Court held that a return filed under section 139(4) can be revised and should be treated as a substitution of the original return. The assessment based on the revised return filed under section 139(4) was deemed valid within the time-limit under section 153(1)(b). Additionally, the initiation of penalty proceedings under section 271(1)(c) for concealment of income was upheld. The Court emphasized that concealment is complete at the time of filing the initial return, and subsequent disclosure does not erase the offense. The outcome favored the Revenue on all three issues. Case-Laws Income Tax Wed, 10 Jun 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29484