No Penalty if AO himself not sure about charge on which penalty was to be levied

Trans Conduct (India) Vs. ACIT (ITAT Mumbai) From the above, facts it is clear that the assessing officer is not sure about the charge on which penalty is to be levied. The assessing officer has also invoked issue of concealment of particulars of income. He is also levied penalty for furnishing of inaccurate particulars of income as is clear from the order of the assessing officer. In view of this facts and circumstances, we are of the view that the assessing officer himself is not sure about the levy of this charge. Since, the issue is covered by the decision of Hon’ble Bombay High Court in...