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2015 (1) TMI 1161 - HC - Income TaxPenalty proceedings under Section 271(1)(c) - revised income showing a total income of ₹ 10,86,060/-, which includes NRE gift received by the assessee - proceedings initiated under Section 147 - Appellate Tribunal held that the provisions of Clause B to Explanation 1 to Sec.271(1)(c) are attracted thereby reversing the order of first appellate authority cancelling the penalty - Held that:- When the concealment of the income was with reference to the original return and there was no explanation at all as regards the non-disclosure, the mere claim that the income was offered in the revised return, as a matter of purchasing peace, by itself, would not exonerate the assessee from the culpability. Having regard to the fact that the assessee had not disclosed any reason for the omission in the original return and that the revised return was filed only after the search, this Court held that penalty was leviable. When there is no satisfactory explanation as regards its non-disclosure of the income in the original return and that the undisclosed income came to be shown only in the revised return, rightly the Tribunal reversed the order of first appellate authority cancelling the penalty. - Decided against assessee.
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