Category: IT Caselaw

Revised return validly filed pursuant to notice u/s. 153A after Search & Seizure, is accepted, defects found in original return cannot be considered for imposing penalty u/s. 271(1) ©

The assessee filed return of income declar­ing a huge loss. Pur­suant to the search and seizure oper­a­tions u/s.132 and issuance of notice u/s.153A, assessee revised the loss return declar­ing as nil income. Assess­ment was com­plet­ed on the NIL income only.…