https://www.taxtmi.com/caselaws?id=762127 ITAT Chennai deleted penalty u/s 271(1)(c) for alleged income concealment. AO failed to specify the concealed amount or provide original return details for AY 2009-10 and 2010-11. Assessment and penalty orders lacked comparison between original and revised returns. Court found insufficient evidence of deliberate income suppression despite survey findings of turnover discrepancies. AO's conclusion based solely on projected financials and survey statements inadequate without demonstrating intentional underestimation. Penalty cannot be levied without establishing deliberate concealment. en-us Fri, 22 Nov 2024 00:00:00 +0530 Mon, 25 Nov 2024 08:49:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762127 ITAT Chennai deleted penalty u/s 271(1)(c) for alleged income concealment. AO failed to specify the concealed amount or provide original return details for AY 2009-10 and 2010-11. Assessment and penalty orders lacked comparison between original and revised returns. Court found insufficient evidence of deliberate income suppression despite survey findings of turnover discrepancies. AO's conclusion based solely on projected financials and survey statements inadequate without demonstrating intentional underestimation. Penalty cannot be levied without establishing deliberate concealment. Case-Laws Income Tax Fri, 22 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762127