@ Nimit - Ther is nothing called "AO FELLS" ....in Income tax act. The sec reads as follows:-
"If AO /CIT(A)/CIT in the course of his proceedings under the act, isSATISFIED that anyperson -
Clause c - has concelaed the particulars of his income or furnished inaccurate particulars of such income"
thn he may direct by way of penalty which shal not exceed 3 times the amount of tax sought to be evaded by the reason mentioned in clause c above "
Caeses tocbe referred are DILIP N SHROFF V/S CIT (2007)161 TAXMANN 221,
UOI V/S DHARMENDRA TETILE PROCESSORS (2008) 306 ITR277/174 TAXMANN 571
UOI V/S RAJASTHAN SPNG WVING MILLS (2009)180 TAXMANN 609