Cash Deposit in Undisclosed Bank A/c – ITAT deletes penalty as assessee declares Peak Cash as Income in Revised Return

The assessee’s sole substantive ground challenges correctness of section 271(1)(c) penalty of Rs. 5 lacs imposed by the Assessing Officer as affirmed in the lower appellate proceedings. He had filed return on 30-04-2007. The Assessing Officer noticed him to have disclosed bank account maintained with Pargati Sahkari Bank only. The Assessing Officer took up scrutiny based on AIR information that assessee’s bank account with Oriental Bank of  Commerce has seen cash deposits of Rs. 29,03,095/- as well as yet another sum of Rs. 3,85,122/- in a City bank account. He sought to add the same as u...