https://www.taxtmi.com/caselaws?id=777068 Penalty under section 271AAC(1) was held unsustainable where cash deposits were assessed as unexplained income under section 69A read with section 115BBE, because the assessee consistently explained that the deposits were business receipts made during the demonetisation period. That explanation was treated as reasonable cause for the deposits in the circumstances, despite the addition itself being sustained. The penalty was therefore deleted. en-us Wed, 08 Jan 2025 00:00:00 +0530 Sat, 23 Aug 2025 08:31:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777068 Penalty under section 271AAC(1) was held unsustainable where cash deposits were assessed as unexplained income under section 69A read with section 115BBE, because the assessee consistently explained that the deposits were business receipts made during the demonetisation period. That explanation was treated as reasonable cause for the deposits in the circumstances, despite the addition itself being sustained. The penalty was therefore deleted. Case-Laws Income Tax Wed, 08 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777068