FAILURE TO FILE RETURN OF INCOME DOESN’T INVITE CONCEALMENT PENALTY
FAILURE TO FILE RETURN OF INCOME DOESN’T INVITE CONCEALMENT PENALTY Section 271(1) (c), read with section 145, of the Income-tax Act, 1961 – Penalty – For concealment of income -Estimation of income. Where no return had been filed by assessee and income was assessed on estimate basis by revenue, no penalty could be levied for …