No 271(1)(c) Penalty on Peak Credit Additions: ITAT Deletes Penalty After Quantum Relief on Estimated Basis

Santosh Kumar Burnwal Vs ITO (ITAT Kolkata) No 271(1)(c) Penalty on Peak Credit Additions: ITAT Deletes Penalty After Quantum Relief on Estimated Basis The Kolkata ITAT deleted penalty levied under Section 271(1)(c) after holding that once quantum addition itself is restricted on the basis of peak credit theory and estimated computation, penalty for concealment or furnishing inaccurate particulars cannot survive. The assessee, Santosh Kumar Burnwal, had originally faced addition of ₹1.70 crore on account of unexplained cash deposits in an ICICI Bank account. During appellate proceedings, the...