https://www.taxtmi.com/caselaws?id=776099 The ITAT Chennai held that since the assessee's business activity was accepted and income was estimated under section 44AD, the penalty under section 271(1)(c) for unexplained cash deposits was not justified. The tribunal found that penalty cannot be imposed solely on the basis of income estimation under section 44AD. Consequently, the appeal was allowed, and the penalty was set aside. en-us Thu, 02 Jan 2025 00:00:00 +0530 Tue, 05 Aug 2025 07:54:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776099 The ITAT Chennai held that since the assessee's business activity was accepted and income was estimated under section 44AD, the penalty under section 271(1)(c) for unexplained cash deposits was not justified. The tribunal found that penalty cannot be imposed solely on the basis of income estimation under section 44AD. Consequently, the appeal was allowed, and the penalty was set aside. Case-Laws Income Tax Thu, 02 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776099