Filing revised return after getting refund claim

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Dhinesh (Querist)
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05 June 2012 As my client is an insurance agent and also dealer in metal business. As the income from the metal is too low, so he does not shown his income from the metal business. He filed his return showing the income received only from Insurance business and got the refund also for the assessment year 2010-11.

In the meantime, he received notice u/s 142(1) of the income tax Act, mentioning that "Transactions without PAN in his savings bank account above 10 lakhs".

The 10 lakhs and above cash deposit is due to depositing of daily collection from his Metal Business.

So, Now he is going to file his revised return of income for the same assessment 2010-11.
How can he adjust his already received refund amount in the revised ITR4.

kindly suggest me experts.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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05 June 2012 1. He will file a revised return showing the income from metal business.

2. The refund will be adjusted by the department by issue of a notice.

3. Penalty will be levied for not disclosing income.

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