No Penalty under Section 271(1)(c) in absence of any Concealment

Shri Shambhu Dayal Sharma Vs ITO (ITAT Delhi) Since all the details were duly provided by the assessee there is no concealment and hence penalty under section 271 (1) (c) cannot be levied. FACTS – AO made addition on account of unexplained bank loans/deposits. AO also initiated penalty proceedings under section 271 (1) (c) for concealment of income. However, assessee duly provided all the particulars with regard to bank deposit like the source of income, copies of agreement etc. Assessee clearly stated that the contended amount was received as advance from various parties against proposed s...