Taxpayer's Unexplained Cash Deposit Considered Sales Receipts; Penalty u/s 271(1)(c) Challenged for Inaccuracy Claims.

Penalty u/s.271(1)(c) - unexplained cash deposit - 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. - AT .....

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