https://www.taxtmi.com/caselaws?id=356367 The ITAT upheld the penalty under Section 271(1)(c) of the Income Tax Act for concealment of income. The addition under Section 69A for unexplained cash deposits and interest income was also upheld. However, the penalty for the addition under Section 41(1)(a) for cessation of liability was deleted as the explanation provided by the assessee was considered bona fide. Overall, the appeal was partly allowed with penalties sustained for some additions and deleted for others. en-us Mon, 26 Feb 2018 00:00:00 +0530 Mon, 05 Mar 2018 07:13:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356367 The ITAT upheld the penalty under Section 271(1)(c) of the Income Tax Act for concealment of income. The addition under Section 69A for unexplained cash deposits and interest income was also upheld. However, the penalty for the addition under Section 41(1)(a) for cessation of liability was deleted as the explanation provided by the assessee was considered bona fide. Overall, the appeal was partly allowed with penalties sustained for some additions and deleted for others. Case-Laws Income Tax Mon, 26 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356367