Assessee sold immovable property along with nine other co-owners and failed to file a valid return under section 139.  Assessing Officer issued reopening notice and initiated penalty proceedings against assessee.  Assessing Officer levied a penalty under section 271(1)(c) equivalent to 100 per cent of tax sought to be evaded. On appeal the Tribunal held that the assessee has paid the self assessment tax  which was also  reflected in Form No. 26AS. Tribunal held that  since the assessee paid self-assessment tax prior to issue of reopening notice, as per Explanation 4 to section 271(1)(c), amount of tax sought to be evaded was to be determined by taking into consideration amount of tax on total income assessed as reduced by amount of advance tax, tax deducted at source, tax collected at source and self-assessment tax paid. Since Assessing Officer had determined total tax on income assessed at Rs. 2.08 lakhs whereas self-assessment tax paid by assessee was Rs. 2.16 lakhs, amount of tax sought to be evaded was nil, penalty is deleted.  (AY. 2011-12)