Penalty u/s. 271(1)(c) not sustained in absence of intention to conceal income: ITAT Mumbai

Rohit Chatterji Vs DCIT (ITAT Mumbai) ITAT Mumbai held that penalty u/s. 271(1)(c) of the Income Tax Act not imposable in absence of wilful intention on the part of the assessee to conceal income since all the errors in original return was rectified vide revised return. Facts- The assessee is an individual residing in Singapore. During the year under consideration, the residential status of the assessee is resident and ordinarily resident. Accordingly, the assessee filed the return of income in India declaring a total income of Rs. 12,05,86,110/- which included 50% of the rental income from th...