https://www.taxtmi.com/caselaws?id=408279 The Tribunal overturned the penalty imposed on the assessee under section 271(1)(c) of the Income Tax Act for the assessment year 2009-10. Despite the additions made to the assessee's income for unexplained cash deposits and non-disclosure of bank interest, the Tribunal found the explanations provided plausible but lacking conclusive evidence. The Tribunal emphasized the importance of substantiated explanations and concluded that the minor discrepancies and lack of proof of false explanations did not warrant a penalty. The appeal was allowed, and the penalty was set aside. en-us Fri, 04 Jun 2021 00:00:00 +0530 Sat, 05 Jun 2021 10:40:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408279 The Tribunal overturned the penalty imposed on the assessee under section 271(1)(c) of the Income Tax Act for the assessment year 2009-10. Despite the additions made to the assessee's income for unexplained cash deposits and non-disclosure of bank interest, the Tribunal found the explanations provided plausible but lacking conclusive evidence. The Tribunal emphasized the importance of substantiated explanations and concluded that the minor discrepancies and lack of proof of false explanations did not warrant a penalty. The appeal was allowed, and the penalty was set aside. Case-Laws Income Tax Fri, 04 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408279