In the absence of clear finding as to concealment of income furnishing inaccurate particulars, initiation of penalty proceedings will be without jurisdiction

CASE LAWS DETAILS DECIDED BY: ITAT, MUMBAI BENCH `D’, MUMBAI IN THE CASE OF: Rajesh C. Gandhi Vs. ITO, APPEAL NO: ITA No. 3158/M/2009, DECIDED ON March 9, 2010 RELEVANT PARAGRAPH 8. We have heard the learned representatives of the parties and perused the record as well as gone through the decisions cited. The crux of the matter to be examined in this case is whether surrender of additional income during the course of assessment proceedings amounts to concealment of income or furnishing of inaccurate particulars of income. In case of penalty u/s 271(l)(c), the revenue is heavily relied u...