https://www.taxtmi.com/caselaws?id=448398 The Tribunal directed the deletion of the addition made by the Assessing Officer regarding cash deposits of Rs. 41,16,000/-, as the assessee successfully explained the source of these deposits with legitimate documentation. The challenge to the assumption under section 153A was dismissed due to lack of argument. Consequently, the concealment penalty under section 271(1)(c) was also deleted. The appeal was partly allowed in favor of the assessee. Judgment was pronounced on 16/01/2024. en-us Tue, 16 Jan 2024 00:00:00 +0530 Thu, 18 Jan 2024 08:59:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448398 The Tribunal directed the deletion of the addition made by the Assessing Officer regarding cash deposits of Rs. 41,16,000/-, as the assessee successfully explained the source of these deposits with legitimate documentation. The challenge to the assumption under section 153A was dismissed due to lack of argument. Consequently, the concealment penalty under section 271(1)(c) was also deleted. The appeal was partly allowed in favor of the assessee. Judgment was pronounced on 16/01/2024. Case-Laws Income Tax Tue, 16 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448398