https://www.taxtmi.com/caselaws?id=187622 The ITAT upheld the CIT(A)'s decision to confirm the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, on the assessee for unexplained cash deposits in Union Bank of India. Despite the pending appeal before the High Court on the quantum addition, the ITAT found the explanations provided insufficient and dismissed the assessee's appeal, emphasizing the failure to justify the cash deposit. en-us Fri, 30 Oct 2015 00:00:00 +0530 Fri, 28 Oct 2016 17:35:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187622 The ITAT upheld the CIT(A)'s decision to confirm the penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961, on the assessee for unexplained cash deposits in Union Bank of India. Despite the pending appeal before the High Court on the quantum addition, the ITAT found the explanations provided insufficient and dismissed the assessee's appeal, emphasizing the failure to justify the cash deposit. Case-Laws Income Tax Fri, 30 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187622