Section 271(1)(c) Penalty Deleted as Mere Addition Not Proof of Concealment: ITAT Delhi

Manoj Kumar Sharma Vs ITO (ITAT Delhi) The appeal was filed against the order of the Commissioner of Income Tax (Appeals) dated 21.12.2012, confirming penalty imposed under Section 271(1)(c) of the Income Tax Act. The Assessing Officer had made additions on account of unexplained credit card expenditure, cash deposits in bank accounts, and investment in shares, as the assessee failed to explain the source of these amounts. Though the additions were partly confirmed in quantum proceedings, the CIT(A) upheld the penalty for concealment of income. The assessee, an individual engaged in small-scal...