https://www.taxtmi.com/caselaws?id=187539 The ITAT held that the penalty under section 271(1)(c) of the Income Tax Act was not justified as the assessee's explanation for unexplained cash deposits was deemed plausible and bona fide. The ITAT found that the Assessing Officer did not provide evidence to prove inaccurate particulars of income, and the explanation given was not disproved. Consequently, the penalty was canceled, and the appeal by the assessee was allowed. en-us Fri, 31 Jul 2015 00:00:00 +0530 Tue, 25 Oct 2016 22:01:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187539 The ITAT held that the penalty under section 271(1)(c) of the Income Tax Act was not justified as the assessee's explanation for unexplained cash deposits was deemed plausible and bona fide. The ITAT found that the Assessing Officer did not provide evidence to prove inaccurate particulars of income, and the explanation given was not disproved. Consequently, the penalty was canceled, and the appeal by the assessee was allowed. Case-Laws Income Tax Fri, 31 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187539