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2021 (1) TMI 80 - ITAT CHANDIGARHPenalty levied u/s 271(1)(c) - case selected for scrutiny under CASS with the reason “suspicious Long Term Capital Gain” - assessee suo moto surrendered an amount before any of the authorities of the Income Tax pointed out any undisclosed income of the assessee - furnishing of inaccurate particulars of income - HELD THAT:- As decided in assessee's Sister in law Smt. Neelu Garg [2019 (4) TMI 1666 - ITAT CHANDIGARH] the assessee suo moto surrendered an amount and paid the due tax alongwith interest thereon much before the Investigation Wing or the A.O. pointed out any discrepancy about the undisclosed or concealed income of the assessee. Considering all the impugned penalty levied by the A.O. u/s 271(1)(c) of the Act and sustained by the CIT(A) was not justified. Accordingly, the same is deleted. This finding has been given by considering the peculiar facts of the present case, therefore, it is made clear that it may not be considered as a precedent in the other cases. - Appeal of the assessee is allowed.
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