In quantum, held that the assessee has already declared income on the higher side compared to the earlier assessment year. The additions in the quantum were restricted on the basis of different views taken by CIT (A) and hence appeal was affirmed.

Held that, though the appeal is confirmed, the assessee has neither concealed the particulars of the income nor furnished such facts which lead to the furnishing of inaccurate particulars. Not a fit case for levy of penalty under section 271(1)(c).  (AY.2014-15)