ASSISTANT COMMISSIONER OF INCOME TAX vs SURYAPRAKASH AGARWAL

Authority: ITAT Tribunal/Court: Mumbai Date: 2014-08-01 AY: 2006-07 Section: 254(1), 271(1)(c), 139(5), 133A, 143(3) Acts: Income Tax Act 1961 Result: Revenue Citation: (2015) 152 ITD 0578 (Mumbai) Justices: I.P.BANSAL, JM & RAJENDRA, AM Appeal No: ITA No.8727/Mum/2011
Whether penalty u/s 271(1)(c) can be levied when assessee files revised return after survey u/s 133A reveals undisclosed income --- Held Yes; Whether filing of revised return after detection by department absolves assessee from penalty for concealment --- Held No

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