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Mitsu Industries Ltd vs. DCIT (Gujarat High Court)
November, 22nd 2014

S. 271(1)(c): In the absence of a clear-cut finding by the AO as to whether it is a case of 'concealment' or 'furnishing inaccurate particulars', penalty cannot be levied

it is incumbent upon the AO to come to a positive finding as to whether there was concealment of income by the assessee or whether any inaccurate particulars of such income have been furnished by the assessee. In the absence of a clear-cut finding reached by the AO, and, on that ground alone, the order of penalty passed by the AO is liable to be struck down (New Sorathia Engg. Co. 282 ITR 642 (Guj) and Manu Engineering Works 122 ITR 306 (Guj) followed)

 
 
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