ITAT allowed the appeal and set aside the penalty under...

ITAT allowed the appeal and set aside the penalty under s.271(1)(c). The Tribunal found that the assessee filed a revised return on 30.09.2011 within the prescribed time, declaring the true and correct income; such declaration could not be treated as unaccounted income or as concealment of particulars. The assessment by the AO was based on speculative estimation of business profits and could not convert a timely revised disclosure into concealment. The CIT(A) erred in confirming the penalty. Consequently, the levy of penalty under s.271(1)(c) was quashed and the assessee's appeal was allowed.