https://www.taxtmi.com/caselaws?id=375565 The Tribunal upheld the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961, against the assessee for unexplained cash deposits. Despite the assessee's arguments challenging the penalty, the Tribunal affirmed the decision of the CIT(A) to impose and confirm the penalty, citing the lack of a tangible explanation for the deposits. The Tribunal found the cited case laws insufficient to overturn the penalty and rejected the assessee's request to modify grounds during appeal proceedings. Ultimately, the Tribunal dismissed the appeal and upheld the penalty imposed by the CIT(A). en-us Tue, 19 Feb 2019 00:00:00 +0530 Thu, 21 Feb 2019 06:22:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375565 The Tribunal upheld the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961, against the assessee for unexplained cash deposits. Despite the assessee's arguments challenging the penalty, the Tribunal affirmed the decision of the CIT(A) to impose and confirm the penalty, citing the lack of a tangible explanation for the deposits. The Tribunal found the cited case laws insufficient to overturn the penalty and rejected the assessee's request to modify grounds during appeal proceedings. Ultimately, the Tribunal dismissed the appeal and upheld the penalty imposed by the CIT(A). Case-Laws Income Tax Tue, 19 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375565