https://www.taxtmi.com/caselaws?id=416960 The ITAT upheld the addition of Rs. 21,25,000 as business income in the quantum appeal, considering it an adventure in the nature of trade. However, in the penalty appeal, the ITAT set aside the penalty orders imposed on the additions, directing the AO to provide the assessee with a fair opportunity to present their case. The ITAT also ordered the deletion of Rs. 2,25,000 for unexplained cash deposits due to lack of proper justification and instructed a reevaluation of the addition of Rs. 46,02,400, considering the assessee's business activities. en-us Mon, 10 Jan 2022 00:00:00 +0530 Wed, 12 Jan 2022 08:40:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416960 The ITAT upheld the addition of Rs. 21,25,000 as business income in the quantum appeal, considering it an adventure in the nature of trade. However, in the penalty appeal, the ITAT set aside the penalty orders imposed on the additions, directing the AO to provide the assessee with a fair opportunity to present their case. The ITAT also ordered the deletion of Rs. 2,25,000 for unexplained cash deposits due to lack of proper justification and instructed a reevaluation of the addition of Rs. 46,02,400, considering the assessee's business activities. Case-Laws Income Tax Mon, 10 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416960