Dismissing the appeal of the assessee  the Court held that; the claiming the depreciation on machinery which did not exist was held to be filing inaccurate particulars of income . When the claim  of depreciation was confronted with the findings it had voluntarily reversed the  claim of depreciation . As regards notice did not show the nature of default , the Court held that when the assessee had understood purport and import of notice , levy of penalty is held to be valid  ( AY.1994-95, 1995-96 )