Can a penalty be levied U/S 271(1)(c) by an AO on a revised return which has already been treated by the AO as invalid return U/S 139(9)?
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Penalty on Revised Return U/S 271(1)(c)
Replies (4)
271(1)(c) is on concealment of income, not for invalid revised return. There must be some additional facts involved. Pls clarify.
no it wont be imposed. first of all a defective return has no existence in eyes of law. secondly the itr filed subsequently is a belated return and the assessee is voluntarily disclosing his income. he is not filing a return in response to any assessment notice.
yeh... penalty can b imposed u/s 271(1)(c) ..... validity of revised return is immeterial...
No penalty can be imposed.
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