https://www.taxtmi.com/caselaws?id=68592 The Tribunal allowed the appeal, holding that unexplained deposits alone did not prove concealment of income without evidence of intentional concealment. The penalty under section 271(1)(c) of the Income Tax Act was deleted as the return of loss resulting in an actual loss did not warrant the penalty. The Tribunal emphasized that unexplained deposits, if not proven as concealment, do not automatically lead to penalties. en-us Fri, 13 Jan 2006 00:00:00 +0530 Fri, 27 Jul 2012 10:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68592 The Tribunal allowed the appeal, holding that unexplained deposits alone did not prove concealment of income without evidence of intentional concealment. The penalty under section 271(1)(c) of the Income Tax Act was deleted as the return of loss resulting in an actual loss did not warrant the penalty. The Tribunal emphasized that unexplained deposits, if not proven as concealment, do not automatically lead to penalties. Case-Laws Income Tax Fri, 13 Jan 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68592