Penalty imposable on Income declared in revised return filed after detection of concealment

Advertisement When assessee declares higher profits in its revised return filed after detection of concealment, penalty u/s 271(1)(c) is warranted DCIT, Kolkata Vs Sushma Devi Agarwal (ITAT Kolkata)-  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. On the other hand, the assessee filed the revised return only after the concealment was detected by the AO and he confronted the assessee...