Sec. 271(1)(c) of Income Tax Act, 1961— penalty — Concealment penalty -The procedure of imposition of penalty u/s 271(1)(c) shall arise and only arise if there is any concealment of income or furnishing of inaccurate particulars of income and the charge is of the concealment of income, the facts does not suggest even on a remote basis that assessee has concealed his income rather the assessee has acted under bonafide belief and even the Revenue could not place on record any evidence of receipt of income regarding 1/4th share of the property by the assessee in the relevant year, neither there is mens rea nor actus reus on the part of the assessee, thus, this is not a fit case for imposition of penalty u/s 271(1)(c) and the Assessing Officer was directed to delete the penalty from the hands of the assessee - RAVINDRA ANANT BHUSKUTE V/s ITO - [2020] 28 ITCD Online 022 (ITAT-PUNE)