The Bharat Cooperative Bank (Mumbai) ... vs Dcit (Osd) I, Mumbai on 14 June, 2018
In our considered opinion, the above decision is fully applicable on the facts of the
case. The case that assessee has not substantiated the method is clearly rebutted in light of
the factual details as above and the same is clearly brought by the ITAT order in
assessee's own case. The addition is solely on the basis that the amount has not been
debited in accounts but only claimed through computation of income. Hence, there is no
furnishing of inaccurate particulars of income nor there is any concealment. Hence, in our
considered opinion, in the background of aforesaid discussion and precedent, the assessee
cannot be visited with the rigour of penalty u//s. 271(1)(c) of the Act. Hence, we set aside
the order's of authorities below and delete the levy of penalty.