No penalty for Concealment if AO accepts Income Returned u/s. 153A

IN THE ITAT DELHI BENCH ‘F’ Prem Arora v/s. Deputy Commissioner of Income-tax IT Appeal No. 4702 (Delhi) of 2010 [Assessment Year 2004-05] MARCH 9, 2012 ORDER K. D. Ranjan, Accountant Member This appeal by the assessee for assessment year 2004-05 arises out of order of the ld. CIT (Appeals)-I, New Delhi. The ground of appeal raised by the assessee is as under :- “The ld. Appellate Authority erred in law and on facts in confirming the penalty of Rs. 47,51,579/- levied under section 271(1)(c) in response to the notice under section 153-A of the Act, while sele...