https://www.taxtmi.com/caselaws?id=762109 The Tribunal directed a reassessment of the appellant's taxable income, emphasizing the need to telescope withdrawals against subsequent deposits, thus rectifying the unjustified addition of cash deposits as unexplained money. The Tribunal criticized the lower authorities for not considering withdrawals when assessing deposits and remanded the case back to the Assessing Officer for a fair reassessment. Additionally, the appeals regarding penalties under section 271(1)(c) of the I.T. Act, 1961, were restored to the Assessing Officer for reconsideration, aligning with the reassessment of the quantum appeals. en-us Wed, 06 Nov 2024 00:00:00 +0530 Mon, 25 Nov 2024 08:45:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762109 The Tribunal directed a reassessment of the appellant's taxable income, emphasizing the need to telescope withdrawals against subsequent deposits, thus rectifying the unjustified addition of cash deposits as unexplained money. The Tribunal criticized the lower authorities for not considering withdrawals when assessing deposits and remanded the case back to the Assessing Officer for a fair reassessment. Additionally, the appeals regarding penalties under section 271(1)(c) of the I.T. Act, 1961, were restored to the Assessing Officer for reconsideration, aligning with the reassessment of the quantum appeals. Case-Laws Income Tax Wed, 06 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762109