https://www.taxtmi.com/caselaws?id=762333 ITAT Surat held that penalty under section 271(1)(c) was not leviable on additional income voluntarily offered by assessee in response to section 148 notice, as accepted by Assessing Officer. For addition under section 69 regarding bank deposits, penalty was deleted since mere cash deposits cannot be considered concealed income without finding of deliberate furnishing of inaccurate particulars. Assessee demonstrated deposits were recorded in cash book and not unexplained. Appeal allowed, penalty deleted. en-us Wed, 27 Nov 2024 00:00:00 +0530 Thu, 28 Nov 2024 17:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762333 ITAT Surat held that penalty under section 271(1)(c) was not leviable on additional income voluntarily offered by assessee in response to section 148 notice, as accepted by Assessing Officer. For addition under section 69 regarding bank deposits, penalty was deleted since mere cash deposits cannot be considered concealed income without finding of deliberate furnishing of inaccurate particulars. Assessee demonstrated deposits were recorded in cash book and not unexplained. Appeal allowed, penalty deleted. Case-Laws Income Tax Wed, 27 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762333