No s. 271(1)(c) penalty if explanation given by the assessee is unproved but not disproved

Addition u/s 68 of the Act was made by the Assessing Officer when the assessee himself offered to include this amount in his total income and consented to pay the tax. Another addition of Rs. 1 lakh was also made when the assessee voluntarily preferred to include Rs. 1 lakh to his total income. The contention of the counsel of the assessee is that the assessee voluntarily surrendered and consented to pay tax to avoid further litigation and to buy peace of mind. Per contra, the DR has raised an objection that when the assessee failed to establish genuineness of agricultural income, then he surr...