Allowing the appeal the Tribunal held that the  the assessee had been out of India and had been receiving salary from three different employers and the returns had been prepared by a consultant. The tax deducted at source on the salary had been already deducted and deposited to the Department. Further, the employee stock ownership plan (ESOP) amount was a non-cash transaction and on which the tax deducted at source had also been deducted and form 26AS clearly showed the tax deducted at source. Keeping in view the facts of the case, that the assessee had been in different jobs and out of India, and that the returns had been prepared by a consultant, the explanation of the assessee could fairly substantiate that such explanation was bona fide and the material relevant to the computation of the total income had been disclosed by him. In the absence of any deliberate default on the part of the assessee, no penalty under S. 271(1)(c) of the Act was leviable. Since there was no intention of the assessee to conceal the income, the penalty levied was to be deleted.( AY.2011-12)