Penalty Imposed for Non-Voluntary Revised Tax Return Filing After AO Confrontation on Asset Sale Loss Claim.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Assessee had not filed revised return voluntarily, but had filed the revised return after the AO confronted the assessee and they were asked to explain how and why loss on account of sale of fixed assets was claimed in the profit and loss account – the levy of penalty upheld u/s 271(1)(c) - HC....