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2015 (7) TMI 202 - AT - Income TaxPenalty u/s. 271(1)(c) - unexplained peak credit - Held that:- It is not in dispute that the undisclosed bank account which was detected by the department contains transfer entries to other 5 undisclosed bank accounts maintained by the assessee. In view of this fact the Tribunal concluded that the subsequent disclosure of the assessee of existence of the said 5 bank accounts cannot be held as voluntary. We do not find any error much less an apparent error in the above finding of the Tribunal. In the instant case it was not the issue that there was difference in the peak balance as disclosed by the assessee and the peak balance as estimated by the Department and only in respect of the difference the penalty was levied by the Department under Sec. 271(1)(c) of the Act. Thus, we find no error in the finding of the Tribunal in this respect. Decision of Shri Becharbhai P. Parmar (2012 (4) TMI 418 - GUJARAT HIGH COURT ) is applicable in the instant case wherein expressly stated about the provisions of Section 271(1)(c) of the Act. Additions made on the basis of estimation may be one of the grounds on which discretion not to impose penalty may be exercised. However, in the absence of any requirement to prove the concealment or furnishing of inaccurate particulars found in section 271(1)(c) of the Act cannot form the sole basis to delete penalty imposed by the Assessing Officer and confirmed by the Commissioner (Appeals). Thus the said decision squarely covers the case where penalty under section 271(1)(c) is levied. We therefore, do not find any error much less an apparent error in the order of the Tribunal in this respect.- Decided against assessee.
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