Wilful concealment is not an essential ingredient for attracting penalty under section 271(1)(c) of IT Act : ITAT Mumbai

RELEVANT PARAGRAPH 7. We have heard both the parties and perused the relevant orders of the revenue authorities, the orders of the Tribunal as in quantum appeals, write-ups and the details relating to the investigations undertaken by the AO during the set aside proceedings referred to in the said orders. Factually, the assessee is a Cable Work Contractor and executed various contracts in the names of various concerns and received labor contract receipts. At the end set aside assessment proceedings, the gross receipts were determined at Rs 1,79,19,860/ – and the profit was determined at R...