Law:

Section:

section 271(1)(c) of the. income-tax act, 1961-penalty for concealment of income-assessee voluntarily filed revised returns-whether, for purposes of penalty proceedings, relevant returns were the revised returns or original returns-held that relevant returns were the revised returns provided assessee satisfied requirements of section 139(5); if not, relevant returns were the original returns Facts The assessee voluntarily filed revised returns for the assessment years 1965-66 to 1967-68, purportedly under section 139(5). In the penalty proceedings, referred to the IAC on the ground of concealment of income, the assessee contended that the filing of revised returns being purely voluntary, it could not be a case of concealment of income. The IAC, however, levied penalties on the basis of the original returns holding that the assessee filed the revised returns only when the ITO had suspected the concealment. The Tribunal set aside the penalty orders on the ground that the assessee filed the revised returns voluntarily and that, in respect of the assessment year 1965-66, the assessee was not guilty of concealment of income as he was not aware as to how the share income from the firm was going to be determined in the assessment of the firm; and in respect of subsequent two assessment years, the non-disclosure was not innocent and was wilful but the penalty had to be imposed on the basis of the revised returns. Held What was contemplated by section 139( 5), was filing of revised returns when the assessee "discovered" any "omission" or any "wrong statement". The word "omission" would connote "an unintentional act or neglect to perform what the law required"; the words "wrong statement" would include in its scope "a statement which was not false to the knowledge of the person making it"; and the word "discover" would take in its ambit "that which was hidden, concealed or unknown". If the assessee deliberately omitted particulars of income and made wrong statements in the original return, the revised return, though filed voluntarily, would not bring the case within the scope of section 139( 5). Where the revised return was filed in conformity with section 139(5) , it…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492