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2022 (9) TMI 411 - AT - Income TaxPenalty u/s.271(1)(c) - allegation of defective notice - non specification of clear charge - unexplained cash deposit - whether it is concealment particulars of income or furnishing of inaccurate particulars of income? - HELD THAT:- Revenue is not specifying any limb and simply imposed penalty u/s.271(1)(c) of the Act without staking any default on the part of the assessee at the time of assessment proceedings related to information of income of the assessee. In the original assessment order, the addition was made in respect of peak credit balance and addition of bank interest. From the perusal of the records, it can be seen that the assessee has requested the Assessing Officer to treat the incurred cash deposit as his total sales receipts of trading activities of chalk lumps and offered profit at 8% of 9% of total turnover. Once the assessee has offered the same cash deposits, the AO cannot observe that the same is inaccurate particulars of income or concealment of particulars of income. See SSA’s Emarld Meadows [2016 (8) TMI 1145 - SC ORDER] and MANJUNATHA COTTON AND GINNING FACTORY [2013 (7) TMI 620 - KARNATAKA HIGH COURT] As the assessee at no point of time has furnished inaccurate particulars of income or concealed any particulars of income. Hence, the Assessing Officer as well as CIT(A) was not right in imposing the penalty. Appeal of assessee allowed.
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