Section 271

Your query is too hypothetical. Normally a notice for concealment is issued either after the assessment is completed or during the course of assessment proceedings. in the first case, there is no option to file a correct"ed" return as it will attract the penalty without any doubt whatsoever. In the second case, a notice during the assessment proceeidngs is normally issued only if the AO is damn sure that he has detected concealment - in such case also filing another ( revised?) return can spell doom for the assessee

is there any remedy availaible to the assessee after receiving notice of concealment from the AO under section 271. can the penalty under this section be waived off in any circumstances whatsoever.