https://www.taxtmi.com/caselaws?id=263600 The ITAT partly allowed the Assessee's appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 for Assessment Year 2008-09. The penalty was initially upheld by lower authorities due to undisclosed cash deposits in a bank account. However, the ITAT directed the deletion of the penalty on the reduced sum after considering the Assessee's explanations and evidence. The decision was pronounced on August 7, 2015, at Ahmedabad. en-us Fri, 07 Aug 2015 00:00:00 +0530 Mon, 07 Sep 2015 08:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263600 The ITAT partly allowed the Assessee's appeal against the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 for Assessment Year 2008-09. The penalty was initially upheld by lower authorities due to undisclosed cash deposits in a bank account. However, the ITAT directed the deletion of the penalty on the reduced sum after considering the Assessee's explanations and evidence. The decision was pronounced on August 7, 2015, at Ahmedabad. Case-Laws Income Tax Fri, 07 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263600