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2014 (10) TMI 545 - HC - Income TaxDeletion of penalty u/s 271(1)(c) – Inaccurate particulars furnished or not - Income from cold storage – Held that:- Penalty notice was with regard to inaccurate particulars of income within the meaning of Section 271(1)(c) of the Act and was not with regard to concealment of income – relying upon Dilip N.Shroff Vs. Joint Commissioner of Income Tax, Mumbai and another [2007 (5) TMI 198 - SUPREME Court] - No inaccurate details was furnished by the assessee with regard to the addition of amount of ₹ 35,03,011 - Insofar as inaccurate furnishing of details for the amount of ₹ 26,33,328/- is concerned, the amount was deleted by the Tribunal and, therefore, the question of imposing any penalty on this amount no longer survives - With regard to penalty on the amount of ₹ 35,03,011/-, the AO had added this amount as unexplained investment since the assessee could not produce any books of account - The penalty notice was with regard to furnishing of inaccurate particulars of income, which relates to furnishing of incorrect address - The penalty notice was not issued with regard to concealment of income - since the penalty notice was only confined to the furnishing of inaccurate particulars and was not with regard to concealment of income, the imposition of penalty for the unexplained deposit in Bank amounting to ₹ 35,03,011 could not be imposed - The Tribunal was justified in deleting this penalty – Decided against revenue.
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