https://www.taxtmi.com/caselaws?id=782048 ITAT Delhi deleted the penalty imposed u/s 271(1)(c) on the assessee in respect of alleged unexplained cash credits in its bank account. ITAT accepted additional evidence showing that the amounts treated as cash credits were in fact interest income already disclosed in the return of income and duly reflected in the accounts. As the sums were not unexplained cash credits and did not constitute undisclosed income, the foundational requirement for levy of penalty for concealment was not met. Consequently, the penalty was cancelled and the assessee's appeal was allowed. en-us Fri, 21 Nov 2025 00:00:00 +0530 Mon, 24 Nov 2025 08:57:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782048 ITAT Delhi deleted the penalty imposed u/s 271(1)(c) on the assessee in respect of alleged unexplained cash credits in its bank account. ITAT accepted additional evidence showing that the amounts treated as cash credits were in fact interest income already disclosed in the return of income and duly reflected in the accounts. As the sums were not unexplained cash credits and did not constitute undisclosed income, the foundational requirement for levy of penalty for concealment was not met. Consequently, the penalty was cancelled and the assessee's appeal was allowed. Case-Laws Income Tax Fri, 21 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782048