https://www.taxtmi.com/caselaws?id=61052 The Tribunal held that income below the taxable limit cannot be treated as undisclosed to attract tax @ 60%. If income declared remains below the taxable limit, it cannot be treated as undisclosed. However, if income exceeds the limit specified in s. 139(1) due to any addition/surrender, the entire income for that assessment year would be treated as undisclosed and liable to tax @ 60%. The Tribunal also endorsed that no deduction is allowable with reference to disclosed income for the relevant assessment year if the return was not filed u/s 139(1) within the due date. The appeal was allowed in part, with directions for recomputation and specific reliefs as detailed above. en-us Mon, 03 Apr 2000 00:00:00 +0530 Mon, 10 Jan 2011 16:31:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61052 The Tribunal held that income below the taxable limit cannot be treated as undisclosed to attract tax @ 60%. If income declared remains below the taxable limit, it cannot be treated as undisclosed. However, if income exceeds the limit specified in s. 139(1) due to any addition/surrender, the entire income for that assessment year would be treated as undisclosed and liable to tax @ 60%. The Tribunal also endorsed that no deduction is allowable with reference to disclosed income for the relevant assessment year if the return was not filed u/s 139(1) within the due date. The appeal was allowed in part, with directions for recomputation and specific reliefs as detailed above. Case-Laws Income Tax Mon, 03 Apr 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61052