https://www.taxtmi.com/caselaws?id=762214 The appeal challenging the penalty under section 271AAC(1) of the Income Tax Act, 1961, was allowed. Initially, the penalty was imposed due to unexplained cash deposits during the demonetization period, leading to an addition to the assessee's income. However, the Tribunal set aside the penalty after remanding the case for a fresh assessment, where the Assessing Officer accepted the declared income without any additions. Consequently, the penalty was deemed unsustainable and quashed, with the grounds raised by the assessee being allowed. en-us Mon, 25 Nov 2024 00:00:00 +0530 Wed, 27 Nov 2024 08:58:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762214 The appeal challenging the penalty under section 271AAC(1) of the Income Tax Act, 1961, was allowed. Initially, the penalty was imposed due to unexplained cash deposits during the demonetization period, leading to an addition to the assessee's income. However, the Tribunal set aside the penalty after remanding the case for a fresh assessment, where the Assessing Officer accepted the declared income without any additions. Consequently, the penalty was deemed unsustainable and quashed, with the grounds raised by the assessee being allowed. Case-Laws Income Tax Mon, 25 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762214