Specific Concealment of Income has to be established for levy of Penalty

Brief of the Case In the case of Ms. Chaurasia & Sons. Vs. I.T.O the Hon’ble Kolkata ITAT held that mere confirmation of addition will not lead to conclusion that penalty is leviable, unless it is established that assessee has concealed its income. The assessee’s representative conceding the evasion of tax is of no consequence because assessee cannot be made to suffer for the wrong advice of counsel. Facts of the Case The assessee had filed its return of income showing total income of Rs.29,660/-. The assessment was completed under section 143(3) at Rs.40,70,677/-, which was revised to...