Revised Income Tax Return post demonetisation to manipulation income, cash-in-hand, profits etc. to attract scrutiny penalty & prosecution-Finmin

It is hereby clarified that the provision to file a revised return of income u/s 139(5) of the Act has been stipulated for revising any omission or wrong statement made in the original return of income and not for resorting to make changes in the income initially declared so as to drastically alter the form, substance and quantum of the earlier disclosed income.

It is brought to the notice of tax payers that any instance coming to the notice of Income-tax Department which reflects manipulation in the amount of income, cash-in-hand, profits etc. and fudging of accounts may necessitate scrutiny of such cases so as to ascertain the correct income of the year and may also attract penalty/prosecution in appropriate cases as per provision of law.

(Meenakshi J.Goswami)
Commissioner of Income Tax
(Media and Technical Policy)
Official Spokesperson, CBDT.