https://www.taxtmi.com/caselaws?id=68179 The Tribunal held that the additional income declared by the assessee was not concealment but made to buy peace, as the Department failed to prove concealment through independent investigation. The Tribunal found that the assessee's admission was not indicative of concealment, as the revised return was not filed due to detection of concealment. Relying on case law, the Tribunal directed the AO to delete the penalty, concluding that no penalty was imposable. As a result, the appeal was allowed, and the penalty of Rs. 14,354 under section 271(1)(c) for concealment of income was set aside. en-us Wed, 05 Mar 1997 00:00:00 +0530 Thu, 17 Mar 2011 14:42:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68179 The Tribunal held that the additional income declared by the assessee was not concealment but made to buy peace, as the Department failed to prove concealment through independent investigation. The Tribunal found that the assessee's admission was not indicative of concealment, as the revised return was not filed due to detection of concealment. Relying on case law, the Tribunal directed the AO to delete the penalty, concluding that no penalty was imposable. As a result, the appeal was allowed, and the penalty of Rs. 14,354 under section 271(1)(c) for concealment of income was set aside. Case-Laws Income Tax Wed, 05 Mar 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68179