Penalty Cannot Be levied for Inaccuracy if notice was for Concealment of Income

Shivaji Dattatray Sonawane Vs ITO (ITAT Pune) Introduction: The ITAT Pune’s recent judgment in Shivaji Dattatray Sonawane vs ITO sheds light on a crucial tax dispute. The appellant contested that a penalty notice for concealment resulted in an inaccurate particulars penalty. Delve into the details of this case and its legal implications. Detailed Analysis: The crux of the matter lies in the dichotomy between the notice for concealment of income and the subsequent penalty for furnishing inaccurate particulars. The ITAT, drawing on legal precedents, emphasizes that penalty and assessment p...