Penalty cannot be levied on suo-motto additional wealth declared in revised belated return

Sahara India Commercial Corporation Ltd. Vs. DCIT (ITAT Delhi)

Facts of the Case

Briefly stated relevant facts are that the assessee filed the return of wealth on 23/11/2009 showing a net wealth of Rs. 15,59,03,165/-and subsequently having realized that inadvertently they have omitted to add the taxable assets of the partnership firms in which the assessee company was a partner, filed a revised computation of wealth on 20/12/20 10 showing the net wealth at Rs. 36,90,03,980/-. Assessment was complete on the to

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