Section 271(1)(c) Penalty leviable as revised return filed only after issuance of notice u/s 143(2)/142(1)

Bhavesh Pravinchandra Sheth Vs Asstt. CIT (ITAT Mumbai) Conclusion: Since assessee had no intention to make a full and true disclosure of its income as it would not have filed a revised return of income showing higher income before issuance of the notice 143(2)/142(1) by AO, therefore, AO  rightly held that assessee had deliberately and consciously failed to furnish full and true particulars of income and attempted to conceal income and levy of penalty under section 271(1)(c) was confirmed. Held: In the instant case, in the original return filed on 30.09.2011, assessee had declared total in...