Penalty on Disclosure of undisclosed income in revised return to buy peace

Disclosure of undisclosed income in a revised return as a matter of purchasing peace would not render the penalty imposed under s 271(1)(c) unsustainable in absence of a satisfactory explanation with regard to its non-disclosure in the original return. Senthamarai Constructions Vs CIT High Court of Madras ITA No. 178 to 180 of 2005 and TCMP Nos. 138 to 140 of 2005 Decided on: 20 June 2011 Judgment Chitra Venkataraman, J 1. These three Tax Case Appeals are filed by the assessee as against the order of the Tribunal relating to the assessment years 1990-91, 1991-92 and 1992-93 r...