No Penalty u/s 271(1)(c) if advance tax paid on undisclosed income

Brief of the Case

In the case of M/s Kantilal Siyaram vs. ACIT (ITAT Ahmedabad), the assessee has claimed that advance tax was paid, which was not recorded in the original return on the income which was remained to be disclosed in original return. When the assessee realized the mistake which was pointed out by the Assessing Officer during the assessment proceedings, the assessee filed a revised return although such revised return was not filed within the prescribed time limit. The Tribunal observed that it is

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