Allowing the appeal of the revenue  the   Court held that ;he issue whether assessee had both ‘concealed particulars of his income’ and also ‘furnished inaccurate particulars of income’ is a fact and circumstance that must be specifically alleged and found to be existing in the peculiar facts of each case. There can be no presumption as to their co-existence or existence of even one of the two contingencies or infringements. Court also observed  that Tribunal ought to have decided the issue of levy of penalty on merits . Matter was remanded to Tribunal to decide the issue in accordance with law  . ( AY. 2012-13 )