https://www.taxtmi.com/caselaws?id=328720 The ITAT upheld the deletion of the penalty imposed under section 271(1)(c) for unexplained deposits in the bank account for Assessment Year 2003-04, dismissing the Revenue's appeals. The appellant, a small trader in the bamboo business, successfully argued that the deposits were related to business transactions and were short-term in nature. Despite the Revenue's claims of lack of proper evidence, the ITAT found that the appellant had discharged the initial burden of proof, and the substantial time gap in verifying the transactions led to the conclusion that the penalty was not justified. en-us Wed, 08 Jun 2016 00:00:00 +0530 Sat, 11 Jun 2016 11:56:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328720 The ITAT upheld the deletion of the penalty imposed under section 271(1)(c) for unexplained deposits in the bank account for Assessment Year 2003-04, dismissing the Revenue's appeals. The appellant, a small trader in the bamboo business, successfully argued that the deposits were related to business transactions and were short-term in nature. Despite the Revenue's claims of lack of proper evidence, the ITAT found that the appellant had discharged the initial burden of proof, and the substantial time gap in verifying the transactions led to the conclusion that the penalty was not justified. Case-Laws Income Tax Wed, 08 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328720