https://www.taxtmi.com/caselaws?id=336541 The Tribunal upheld the penalty under section 271(1)(c) of the Income-tax Act, 1961, due to unexplained cash deposits in the bank account. The assessee's explanation regarding errors in the tax return was deemed insufficient, as the Tribunal found the assessee had ample time to rectify the situation. Consequently, the penalty imposed by the lower authorities was upheld, emphasizing the assessee's duty to file an accurate return and substantiate the sources of cash deposits. The appeal was dismissed, affirming the justification for the penalty in this case. en-us Wed, 21 Dec 2016 00:00:00 +0530 Fri, 23 Dec 2016 11:16:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336541 The Tribunal upheld the penalty under section 271(1)(c) of the Income-tax Act, 1961, due to unexplained cash deposits in the bank account. The assessee's explanation regarding errors in the tax return was deemed insufficient, as the Tribunal found the assessee had ample time to rectify the situation. Consequently, the penalty imposed by the lower authorities was upheld, emphasizing the assessee's duty to file an accurate return and substantiate the sources of cash deposits. The appeal was dismissed, affirming the justification for the penalty in this case. Case-Laws Income Tax Wed, 21 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336541