https://www.taxtmi.com/article/detailed?id=7089 Penalty under the statutory penalty provision applies only where assessed income exceeds income determined in the processed return; a taxpayer who deposits previously unaccounted cash, declares it in the current-year return and pays tax will, if no addition is made on assessment, not have under-reported income and thus will not trigger the penalty. Enhanced penalty rates require a finding of misreporting. Administrative guidance requires explanation of source for such disclosures and may lead to classification as unexplained deposits, but that classification does not create under-reporting if the amount was offered to tax. en-us Fri, 18 Nov 2016 09:04:28 +0530 Fri, 18 Nov 2016 09:04:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7089 Penalty under the statutory penalty provision applies only where assessed income exceeds income determined in the processed return; a taxpayer who deposits previously unaccounted cash, declares it in the current-year return and pays tax will, if no addition is made on assessment, not have under-reported income and thus will not trigger the penalty. Enhanced penalty rates require a finding of misreporting. Administrative guidance requires explanation of source for such disclosures and may lead to classification as unexplained deposits, but that classification does not create under-reporting if the amount was offered to tax. Articles Income Tax Fri, 18 Nov 2016 09:04:28 +0530 https://www.taxtmi.com/article/detailed?id=7089