Without Demonstrating any Concealment in Seized Material No Penalty Can Be Levied By AO

Rishabh Buildwell P. Ltd. Vs DCIT (ITAT Delhi)

Once the assessee files a revised return under Section 1 53A, for all other provisions of the Act, the revised return will be treated as the original return filed under Section 139.

For the Revenue to invoke Explanation-5, it would have to prove that its requirements are clearly fulfilled in the present case. In order for Explanation-5 to apply, it is necessary that there must be certain assets (such as money, bullion etc.) found in the posses

Please become a Premium member. If you are already a Premium member, login here to access the full content.