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G.C.GUPTA, CHANDRA POOJARI
T. Prashanth Reddy – Appellant
Versus
Assistant Commissioner of Income-tax, Circle 4(1), Hyderabad – Respondent
Chandra Poojari, Accountant Member. - These three appeals preferred by the assessee are directed against the different orders passed by the CIT(A)-V, Hyderabad and pertains to assessment years 2004-05, 2005-06 & 2006-07 with regard to levy of penalty under section 271(1)(c) of the Act.
2. Brief facts of the issue are that the assessee is an individual and filed its return of income originally as follows:
| Assessment years | Date of filing | Amount of income |
| | | Declared |
| 1. 2004-05 | 28-9-04 | Rs. 5,70,950 |
| 2. 2005-06 | 27-9-05 | Rs. 7,91,562 |
| | | Rs. 1,95,000 (Agri Income) |
| 3. 2006-07 | 21-7-06 | Rs. 13,37,415 |
| | | Rs. 2,36,500 (Agri Income) |
3. There was a survey conducted under section 133A of the Act in the premises of the assessee on 15-11-2006 and one undisclosed bank account found wherein certain deposits has been made which had escaped from assessment:
The total cash deposits on various dates during the period from :
| 1. | 16-2-04 to 31-3-04 | Rs. 31,24,326 |
| | Peak cash deposit | Rs. 18 lakhs on 27-2-04 |
| 2. | 1-4-04 to 31-3-2005 | Rs. 1,24,35,740 |
| | With peak cash deposit | Rs. 9 lakhs on 4-2-05 |
| 3. | ||
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