Court Denies Tax Return Revision for Gold Bullion Purchase; Highlights Importance of Accurate Initial Filings.

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....Penalty - purchase of Gold Bullion - it is a case where the petitioner could not have been permitted to revise the return so as to cure the defects that were noticed by the assessing authority. The petitioner, therefore, had to suffer the consequences of any omission in the only valid return that was filed before the assessing authority. - HC....