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2011 (7) TMI 765 - AT - Income TaxPenalty u/s 271(1)(c) - Search and seizure - Unaccounted income - Concealment of income - Held that: the assessee has failed to establish that disclosure of additional income in the revised return by way of declaring G.P. rate at 15% as against 6.93% shown in return filed u/s. 153A of the Act was voluntary and in good faith to buy peace with the department - assessee filed the revised return only after the concealment was detected by the AO and he confronted the assessee with the same - Decided against the assessee
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