No section 271(1)(c) penalty for income offered for taxation by filing revised return

Lajai Seva Sahakari Mandli Vs ITO (ITAT Rajkot)

It is seen from the Penalty order that the assessee has filed a rectification petition u/s. 154 on 11.09.2017 stating the rental income has already been offered by revising the return on 29.03.2017. The Assessing Officer also held that the bonafideness of the assessee remain unproved as it has filed Revised Return after 8 months of receipt of notice u/s. 143(2) of the Act i.e. the assessee offered the rental income only after the statutory proceedings were initiated by the depa

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