https://www.taxtmi.com/caselaws?id=203085 The tribunal allowed the appeals filed by the assessee for statistical purposes regarding the levy of penalties under Section 271(1)(c) of the Income Tax Act for the assessment years 2004-05, 2005-06, and 2006-07. The tribunal found that the revised returns filed by the assessee were not voluntary but a result of the department's detection of undisclosed bank accounts. The explanation provided for the source of deposits was deemed vague and unsupported. However, the tribunal granted the assessee one more opportunity to adequately explain the source of deposits to avoid the penalty. en-us Thu, 13 Jan 2011 00:00:00 +0530 Fri, 14 Aug 2015 14:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203085 The tribunal allowed the appeals filed by the assessee for statistical purposes regarding the levy of penalties under Section 271(1)(c) of the Income Tax Act for the assessment years 2004-05, 2005-06, and 2006-07. The tribunal found that the revised returns filed by the assessee were not voluntary but a result of the department's detection of undisclosed bank accounts. The explanation provided for the source of deposits was deemed vague and unsupported. However, the tribunal granted the assessee one more opportunity to adequately explain the source of deposits to avoid the penalty. Case-Laws Income Tax Thu, 13 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203085