Penalty cannot be imposed on declared income shown in return of income 

DCIT Vs Mahalaxmi Realtors (ITAT Pune) ITAT held that findings in the assessment proceedings cannot be regarded as conclusive for the purpose of the penalty proceedings. It is also well settled that the criteria and yardstick for the purpose of imposing penalty u/s 271(1)(c) are different than those applied for making or confirming the addition. It is therefore, necessary to re-appreciate and re-consider the matter so as to find out as to whether the addition or disallowance made in quantum proceedings actually represent the concealment on the part of the assessee as envisaged u/s 271(1)(c) of...