Penalty u/s 271(1)(c) cannot be levied when returned income is accepted as it is

Brief of the case: The ITAT Chandigarh in the case of Sh. Praveen Garg vs. ACIT held that penalty u/s 271(1)(c) can be levied only in the cases of concealment of income in the return of income filed by the assessee. In the present case, the return filed in response to notice u/s 153A was accepted by the AO as it is which also included surrendered income not disclosed in the original return due to bonafide error. Therefore, when there is no concealment in the return filed in response to notice u/s 153A , penalty u/s 271(1)(c) not sustainable. Facts of the case: The assesse derives income fr...