Penalty justified on additional income declared after discovery of same by AO

Jyothirmoy Yamsani Vs. DCIT (ITAT Hyderabad) In the instant case, the assessment order categorically indicates that penalty is leviable on both counts and even penalty order details the nature of default on the part of the assessee, followed by a specific conclusion that the assessee has concealed income and furnished inaccurate particulars of income. Under these circumstances, it cannot be assumed that the assessee was not given a proper opportunity of responding to the notice by virtue of not striking off the word “or” in the penalty notice. Assessee, in his reply, responded to both the ...