https://www.taxtmi.com/caselaws?id=247696 The ITAT upheld the CIT(A)'s decision to sustain an adhoc addition of Rs.1 lakh for unexplained cash deposits in the assessee's bank accounts, rejecting the Revenue's appeal for full restoration of the Assessing Officer's addition. However, the ITAT allowed the Revenue's appeal on the deletion of an addition of Rs.55,400 related to agricultural income, restoring the Assessing Officer's decision due to lack of evidence provided by the assessee. The ITAT also upheld the cancellation of a penalty of Rs.7,51,496 on cash deposits but justified a penalty under Section 271(1)(c) for unexplained agricultural income of Rs.55,400. en-us Fri, 09 May 2014 00:00:00 +0530 Tue, 20 May 2014 08:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247696 The ITAT upheld the CIT(A)'s decision to sustain an adhoc addition of Rs.1 lakh for unexplained cash deposits in the assessee's bank accounts, rejecting the Revenue's appeal for full restoration of the Assessing Officer's addition. However, the ITAT allowed the Revenue's appeal on the deletion of an addition of Rs.55,400 related to agricultural income, restoring the Assessing Officer's decision due to lack of evidence provided by the assessee. The ITAT also upheld the cancellation of a penalty of Rs.7,51,496 on cash deposits but justified a penalty under Section 271(1)(c) for unexplained agricultural income of Rs.55,400. Case-Laws Income Tax Fri, 09 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247696