What will happen if there is any discrepancy in the income tax return?

What will happen if there is any discrepancy in the income tax return?

If the AO comes across any discrepancies or omissions while conducting enquiry, he would make his own assessment of the filer’s taxable income after considering all the relevant details of his income and expenditure. Depending on the magnitude of inaccuracy, the AO may charge mandatory additional interest, or levy penalty,or even initiate prosecution.

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