Penalty u/s 271(1)(c) leviable only if there is deliberate intention to conceal income

CIT Vs S.Kumar Tyres Manufacturing Co. Ltd. (Madhya Pradesh High Court) Madhya Pradesh High Court held that penalty u/s 271(1)(c) of the Income Tax Act not leviable in absence of deliberate intention to either conceal income or to furnish inaccurate particulars Facts- Vide notice dated 13.07.1997 issued u/s 148 certain income was found to escape from assessment. During this assessment proceeding, the Assessment Officer considered the disclosure made by the respondent/assessee about the receipt of the amount of US $ 11,18,000/- in two instalments paid due to the termination of the agreement. Si...