Inference drawn by authority that it was a deliberate concealment on part of assessee

IT : Concealment penalty not imposable where income declared by assessee from long-term capital gain by selling agricultural land in his revised return was accepted by assessing authority and there was no material available on record by which there could be an inference drawn by authority that it was a deliberate concealment on part of assessee
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[2014] 49 taxmann.com 12 (Rajasthan)
HIGH COURT OF RAJASTHAN
Commissioner of Income-tax
v.
Pushpendra Surana*
AJAY RASTOGI AND NARENDRA KUMAR JAIN, JJ.
IT APPEAL NO. 209 OF 2012†
AUGUST  21, 2013
Section 271(1)(c), read with section 45, of the Income-tax Act, 1961 - Penalty - For concealment of income (Revised return, in case of) - Assessment year 2004-05 - Whether where income declared by assessee from long-term capital gain by selling agricultural land in his revised return was accepted by assessing authority and there was no material available on record by which an inference could be drawn that it was a deliberate concealment on part of assessee, imposition of concealment penalty was unjustified - Held, yes [Para 6] [In favour of assessee]