Penalty for concealment of Income cannot be imposed if assessees explanation found bonafide

 ITAT AHMEDABAD BENCH ‘D’ Megh Malhar Developers Versus Assistant Commissioner of Income-tax IT Appeal No. 1408 (Ahd.) of 2010 [ASSESSMENT YEAR 2005-06] NOVEMBER 9, 2012 ORDER Anil Chaturvedi, Accountant Member The present appeal is against the order of CIT (A)-II, Surat dated 26-2-2010 whereby the penalty of Rs. 2,75,400/- levied u/s. 271(1)(c ) by the A.O. for A.Y. 2005-06 was confirmed by CIT (A). 2. In this case the assessee filed return of income on 31-10-2005 declaring total income of Rs. Nil. The case was selected for scrutiny and thereafter the assessment...