In the result, the appeal filed by the assessee is allowed
Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member
Penalty proceedings under section 27(1)(c) of the Income Tax Act, 1961 for concealment of income by furnishing inaccurate particulars of income are hereby initiated.” 4. The appellant filed an appeal before the CIT (A), who has held as follows: “The AO in the assessment order held that on perusal of the return of income, it is seen that