https://www.taxtmi.com/caselaws?id=409201 The Tribunal ruled in favor of the assessee in appeals against the levy of penalty under section 271(1)(c) of the Income-tax Act, 1961 based on the addition of notional interest in an HDFC Bank account. Emphasizing the need for concrete evidence to support such additions, the Tribunal found the addition of notional interest lacking factual basis and entirely hypothetical. As there was no evidence that the assessee had received interest on the disputed deposit, the Tribunal upheld the deletion of the addition and subsequently directed the deletion of the penalty imposed. The appeals of the assessee were allowed, and the penalty was consequently deleted. en-us Thu, 24 Jun 2021 00:00:00 +0530 Fri, 02 Jul 2021 08:58:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409201 The Tribunal ruled in favor of the assessee in appeals against the levy of penalty under section 271(1)(c) of the Income-tax Act, 1961 based on the addition of notional interest in an HDFC Bank account. Emphasizing the need for concrete evidence to support such additions, the Tribunal found the addition of notional interest lacking factual basis and entirely hypothetical. As there was no evidence that the assessee had received interest on the disputed deposit, the Tribunal upheld the deletion of the addition and subsequently directed the deletion of the penalty imposed. The appeals of the assessee were allowed, and the penalty was consequently deleted. Case-Laws Income Tax Thu, 24 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409201