https://www.taxtmi.com/caselaws?id=396821 Penalty under section 271(1)(c) for alleged non-disclosure of business receipts was not sustainable where the assessee explained cash deposits as business turnover and offered income on a presumptive basis during assessment. The addition rested on estimation, and the Revenue produced no material showing deliberate concealment or furnishing of inaccurate particulars. Applying the principle that penalty does not automatically follow every quantum addition, the penalty was directed to be deleted in favour of the assessee. en-us Mon, 01 Jun 2020 00:00:00 +0530 Tue, 21 Jul 2020 10:14:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396821 Penalty under section 271(1)(c) for alleged non-disclosure of business receipts was not sustainable where the assessee explained cash deposits as business turnover and offered income on a presumptive basis during assessment. The addition rested on estimation, and the Revenue produced no material showing deliberate concealment or furnishing of inaccurate particulars. Applying the principle that penalty does not automatically follow every quantum addition, the penalty was directed to be deleted in favour of the assessee. Case-Laws Income Tax Mon, 01 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396821