2005 (10) TMI 496 - ITAT BANGALORE

Extract:
.......Clause (a) of Explanation 4 will apply in the situation and hence, there is no room to reduce the penalty. However, since on the facts we have held that there is neither concealment of particulars of income nor furnishing inaccurate particulars, penalty under section 271(1)(c) is not leviable. In the result, the appeal is treated as partly allowed.