Dismissing the appeal of the Revenue the Court held that the assessee had disclosed error before notice under section 148 was issued, thus preventing concealment of income A satisfactory explanation has been offered by assessee, well before issuance of a notice to him under section 148 and admission of additional income made by assessee has been accepted by revenue. Honesty of assessee in disclosing mistake and paying differential tax before assessment would not attract penalty provisions under section 271(1)(c). Court also held that  when the penalty notice has not specified the charge, deletion of penalty by the Tribunal is justified.  (AY. 2011-12)