https://www.taxtmi.com/caselaws?id=176258 The Tribunal held that the penalty under Section 271(1)(c) could not be sustained as the assessee had voluntarily declared the additional income in the revised return before the amendment to Explanation 5A. The AO failed to provide additional evidence of income concealment beyond the statement recorded under section 132(4). Consequently, the penalty of Rs. 16,28,258/- imposed under Section 271(1)(c) was removed, and the assessee's appeal was successful. en-us Fri, 26 Jul 2013 00:00:00 +0530 Tue, 28 Feb 2017 10:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176258 The Tribunal held that the penalty under Section 271(1)(c) could not be sustained as the assessee had voluntarily declared the additional income in the revised return before the amendment to Explanation 5A. The AO failed to provide additional evidence of income concealment beyond the statement recorded under section 132(4). Consequently, the penalty of Rs. 16,28,258/- imposed under Section 271(1)(c) was removed, and the assessee's appeal was successful. Case-Laws Income Tax Fri, 26 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176258