https://www.taxtmi.com/caselaws?id=456061 The AP HC ruled against the revenue in a penalty case u/s 271(1)(c) where the assessee accepted survey findings showing tax deficit and cash shortage, filed revised returns, and paid tax. The assessee claimed no intention to conceal income and accepted findings only to "purchase peace." The court held that mere acceptance of survey findings to avoid complications cannot constitute concealment. The AO must establish actual intention to conceal income, not just inaccuracies in returns. Every variation in assessment cannot be treated as concealment per se. The Commissioner's factual finding of no concealment was upheld as not perverse. en-us Tue, 05 Aug 2014 00:00:00 +0530 Mon, 24 Jun 2024 20:51:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456061 The AP HC ruled against the revenue in a penalty case u/s 271(1)(c) where the assessee accepted survey findings showing tax deficit and cash shortage, filed revised returns, and paid tax. The assessee claimed no intention to conceal income and accepted findings only to "purchase peace." The court held that mere acceptance of survey findings to avoid complications cannot constitute concealment. The AO must establish actual intention to conceal income, not just inaccuracies in returns. Every variation in assessment cannot be treated as concealment per se. The Commissioner's factual finding of no concealment was upheld as not perverse. Case-Laws Income Tax Tue, 05 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456061