https://www.taxtmi.com/caselaws?id=248380 The ITAT dismissed both appeals filed by the Department, upholding the decisions of the CIT (A) regarding the addition of cash deposits as undisclosed income and the deletion of the penalty imposed under section 271(1)(c) of the IT Act. The CIT (A) reduced the undisclosed income amount, considering legitimate business transactions and supporting evidence provided by the assessee, leading to the penalty deletion based on the revised undisclosed income amount. en-us Fri, 23 May 2014 00:00:00 +0530 Wed, 11 Jun 2014 11:19:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248380 The ITAT dismissed both appeals filed by the Department, upholding the decisions of the CIT (A) regarding the addition of cash deposits as undisclosed income and the deletion of the penalty imposed under section 271(1)(c) of the IT Act. The CIT (A) reduced the undisclosed income amount, considering legitimate business transactions and supporting evidence provided by the assessee, leading to the penalty deletion based on the revised undisclosed income amount. Case-Laws Income Tax Fri, 23 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248380