https://www.taxtmi.com/caselaws?id=288269 The Tribunal upheld the levy of penalty under Section 271(1)(c) of the Income Tax Act, 1961, against the assessee for failure to explain unexplained cash deposits in the bank account, confirming the penalty amount of Rs. 4,99,321/-. The Tribunal found the assessee's reliance on court decisions irrelevant as no explanation was provided for the deposits, dismissing the appeal and affirming the penalty imposed by the Assessing Officer. en-us Mon, 19 Mar 2018 00:00:00 +0530 Fri, 29 May 2020 10:57:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288269 The Tribunal upheld the levy of penalty under Section 271(1)(c) of the Income Tax Act, 1961, against the assessee for failure to explain unexplained cash deposits in the bank account, confirming the penalty amount of Rs. 4,99,321/-. The Tribunal found the assessee's reliance on court decisions irrelevant as no explanation was provided for the deposits, dismissing the appeal and affirming the penalty imposed by the Assessing Officer. Case-Laws Income Tax Mon, 19 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288269