Declaration of additional income in pursuance of survey calls for concealment penalty, rules HC

IT: Where in pursuance of survey, assessee filed its revised return declaring higher taxable income, since it was undisputed that at time of filing original return assessee was aware of concealment, it was to be concluded that there was no compliance with provisions of section 139(5) and, therefore, revised return being non-est, impugned penalty order passed under section 271(1)(c) did not require any interference