Penalty u/s 271(1)(c) of Income Tax Act revoked as assessee's disclosure deemed bona fide to avoid litigation.

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....Levy of penalty u/s 271(1)(c) - disclosure of additional income consequent to survey operation - the explanations of the assessee that he has declared additional income to buy peace and to come out of vexed litigation could be treated as bonafide and penalty u/s 271(1)(c) cannot be levied - AT....