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2014 (8) TMI 873 - AT - Income TaxPenalty u/s 271(1)(c) - Undisclosed bank accounts Addition of peak credit Held that:- The six bank accounts with reference to which addition was made by the AO were not disclosed by the assessee in its return of income - The source of deposit in the bank accounts could not be explained by the assessee - the addition of peak balance in the bank accounts cannot be held as an addition made merely on estimate basis without relevant materials relying upon CIT Vs. Becharbhai P. Parmar [2012 (4) TMI 418 - GUJARAT HIGH COURT] - the disclosure of the other five undisclosed bank accounts by the assessee cannot be held as voluntary disclosure by the assessee it came up because the Department already detected one undisclosed bank account which contained transfer entries of the remaining five undisclosed bank accounts there was no reason to interfere with the orders Decided against Assessee.
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