No penalty unless there was conscious concealment or furnishing of inaccurate particulars of income.

Penalty under section 271(1)(c) was not leviable as  AO was not certain that for which limb he wanted to initiate penalty proceedings, that is, for concealment of income or for furnishing inaccurate particulars of income. AO initiated penalty proceedings on one footing and concluded on other footing, therefore, the basis of levy of penalty itself was not correct.
http://dlvr.it/SDChHn