Revised return with same info is furnishing of inaccurate particulars

Brief of the case: The ITAT Chennai in the case of DCIT vs. M/s. Rattha Citadines held that relying on the same information as available on the date of filing original return of income in filling revised return but making a different claim , in the absence of assessee’s bonafide expenditure would be deemed as furnishing of inaccurate particulars of income making assessee liable to face penalty u/s 271(1)(c). Facts of the case: The assessee filed the return of income on 14-10-2010 declaring Nil income which was revised subsequently on 18-03-2011 declaring a loss of Rs. 1,23,51,488/- after a...