https://www.taxtmi.com/caselaws?id=423611 The ITAT ruled in favor of the assessee on both issues. The addition for the cash balance mismatch was deleted as it did not conclusively indicate unaccounted income. Similarly, the penalty under section 271(1)(c) was deemed unsustainable after the quantum addition forming its basis was overturned. The ITAT's detailed analysis and legal interpretation led to the favorable outcome for the assessee in both matters. en-us Wed, 08 Jun 2022 00:00:00 +0530 Fri, 10 Jun 2022 08:26:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423611 The ITAT ruled in favor of the assessee on both issues. The addition for the cash balance mismatch was deleted as it did not conclusively indicate unaccounted income. Similarly, the penalty under section 271(1)(c) was deemed unsustainable after the quantum addition forming its basis was overturned. The ITAT's detailed analysis and legal interpretation led to the favorable outcome for the assessee in both matters. Case-Laws Income Tax Wed, 08 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423611