Revised Return filing

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 September 2010 Dear Experts Forum,

I had filed my return in June 2009. Due to unknown reasons to me my case has come under scrutiny for which they will assess me in jan / feb 2011. While doing post mortem of my return and accounts I realised that there is an income of Rs 3 lacs which I ommitted to declare. Can I file a revised return ? Will it be considered since I will be filing post receipt of notice under 143(2). What are the consequences of my act of ommission ?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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11 September 2010 Tax and Interest on Rs. 3 lakhs has to be paid in addition to penalty proceedings under section 271(1)(c) of the Incoe tax Act,1961.
Revising the return in this stage will strengthen the penalty issue.

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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11 September 2010 agreed with Chackrapani Ji.
Now do nothing, wait for demand notice.

mohinder kansal

mohinder kansal (Expert)
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11 September 2010 I don't think, if revised return is filed now i.e., before the undisclosed income is detected by the deptt., penalty can be imposed. In my opinion, revised return should be filed immediately.

CA Amit Joshi

CA Amit Joshi (Expert)
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12 September 2010 Department have the power to leave concealment penalty U/s 271(1)c under the above situation even you have voluntary revised your return.
So wait for the notice. Agree with B.Chackrapani Warrier Ji..

mohinder kansal

mohinder kansal (Expert)
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12 September 2010 what notice is to be received now ? I am still of the opinion, if concealment is detected by AO penalty can be levied surely but if revised return is filed by the assessee before the income is detected by the AO, there are chances that the penalty is not imposed. revised return can be filed at any time within one year from the end of assessment year or before completion of assessment whichever is less. case CIT vs. Manubhai and bros. deliver by Gujrat High court on 4.12.2006 can be referred. there are also many other cases too.

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