HI Friends,
Recently we have a filed an Incometax return for a company before the due date.
As the company was running in losses and to avoid restriction on carry forward of losses, without doing any audit due to lack of time we have uploaded the return without 3CA-3CD.
But now after doing audit the turnover of the company is exceeding 1 crore and we decided to file 3CA-3CD.Now is there any liability on part of company to pay penalty?
As per Dhampur Sugar Mills Ltd. V CIT 1972 , Original return stands withdrawn if Revised return is filed i,e. Revised return steps into the shoes of Original return.so can this be an escape for not paying penalty?
Please do reply.
CAclubindia
