Honesty of assessee cannot attract penalty under Section 271(1)(c)

PCIT Vs Ambady Krishna Menon (Kerala High Court)

The case of PCIT Vs Ambady Krishna Menon, adjudicated by the Kerala High Court, revolves around the imposition of penalty under Section 271(1)(c) of the Income Tax Act on the respondent/assessee, Ambady Krishna Menon. The case delves into the intricacies of whether the respondent/assessee’s actions amounted to concealment of income or furnishing inaccurate particulars of income, thereby warranting the imposition of penalty.

The respondent/assessee filed a return for the assessment year 2011-12, declaring a total income a

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