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The solitary ground raised by the assessee is that the learned CIT (A) erred in confirming the penalty levied by the AO for Rs. 17,19,850/- on the income disclosed by the assessee for the investment made in the insurance policies under the charge concealment of income under section 271(1)(c) of the Act.

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Sec. 271(1)(c) of Income Tax Act, 1961— Penalty — It is well-settled that under section 271(1)(c ), the initial burden lies on the revenue to establish that the assessee has concealed the income or has furnished inaccurate particulars of such income and the burden shifts to the assessee only if he fails to offer any explanation for the undisclosed income or offers an explanation which is found to be false by the assessing authority, though it was true that the assessee had not surrendered at all and that he had done so on the persistent queries made by the Assessing Officer, but once the revised assessment was regularised by the revenue and once the assessing authority had failed to take any objection in the matter, the declaration of income made by the assessee in his revised returns and his explanation that he had done so to buy peace with the department and to come out of vexed litigation could be treated as bona fide, therefore, Tribunal was justified in cancelling the penalty levied. - NIRAL KRUPESH PATEL V/s DEPUTY CIT - [2020] 28 ITCD Online 029 (ITAT-AHMEDABAD)