In the absence of finding by AO Regarding Mis-statement / Non Disclosure, penalty order not justified

IN THE ITAT AHMEDABAD BENCH ‘A’ Mastek Ltd. Versus Deputy Commissioner of Income-tax IT APPEAL NO. 2050 (AHD.) OF 2008 [ASSESSMENT YEAR 2002-03] OCTOBER 19, 2012 ORDER Anil Chaturvedi, Accountant Member  This appeal is filed by the assessee against the order of Ld. CIT (A)-VIII, Ahmedabad dated 23-3-2007 for the assessment year 2002-03 confirming the penalty levied u/s.271(1)(c ) of the Act of Rs.49,31,547/-. 2. Assessee is a limited company engaged in the business of software development. It filed its return of income on 31-10-2002 disclosing total income at Rs...