https://www.taxtmi.com/caselaws?id=447401 The ITAT Surat held that penalty u/s 271(1)(c) cannot be imposed without a definite finding of concealment by the AO. The assessee filed return in response to notice u/s 147 and genuinely believed the income was not assessable. The AO accepted the returned income without finding concealment or inaccurate particulars. Following CIT v. K.R. Chinni Krishna Chetty, the tribunal emphasized that penalty requires specific finding of concealment, which was absent. The penalty was deleted in favor of the assessee. en-us Thu, 21 Dec 2023 00:00:00 +0530 Sat, 23 Dec 2023 10:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447401 The ITAT Surat held that penalty u/s 271(1)(c) cannot be imposed without a definite finding of concealment by the AO. The assessee filed return in response to notice u/s 147 and genuinely believed the income was not assessable. The AO accepted the returned income without finding concealment or inaccurate particulars. Following CIT v. K.R. Chinni Krishna Chetty, the tribunal emphasized that penalty requires specific finding of concealment, which was absent. The penalty was deleted in favor of the assessee. Case-Laws Income Tax Thu, 21 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447401