https://www.taxtmi.com/caselaws?id=215295 The ITAT upheld the penalty on the quantum addition of Rs. 4 lakhs for concealment of income based on unaccounted deposits, while deleting the penalty on the addition of Rs. 5 lakhs as it was explained in a subsequent assessment order. The A.O. was directed to re-calculate the penalty amount, resulting in the assessee's appeal being partly allowed with the penalty on the Rs. 5 lakhs addition being deleted and the penalty on the Rs. 4 lakhs addition being upheld. en-us Fri, 22 Jun 2012 00:00:00 +0530 Mon, 30 Jul 2012 14:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215295 The ITAT upheld the penalty on the quantum addition of Rs. 4 lakhs for concealment of income based on unaccounted deposits, while deleting the penalty on the addition of Rs. 5 lakhs as it was explained in a subsequent assessment order. The A.O. was directed to re-calculate the penalty amount, resulting in the assessee's appeal being partly allowed with the penalty on the Rs. 5 lakhs addition being deleted and the penalty on the Rs. 4 lakhs addition being upheld. Case-Laws Income Tax Fri, 22 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215295