https://www.taxtmi.com/caselaws?id=466026 Penalty proceedings under fiscal provisions were remitted for factual reconsideration because affidavits submitted to explain cash deposits failed evidentiary scrutiny and did not clarify bank account status when funds were given and returned; consequently the assessing officer is directed to verify facts, examine the genuineness of transaction evidence, afford the assessee an opportunity of hearing, and thereafter either impose the penalty or drop proceedings. The tribunal noted potential applicability of immunity for bona fide transactions but required primary fact-finding before any relief is granted and cautioned against frivolous adjournments. en-us Mon, 09 Sep 2024 00:00:00 +0530 Tue, 27 Jan 2026 11:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466026 Penalty proceedings under fiscal provisions were remitted for factual reconsideration because affidavits submitted to explain cash deposits failed evidentiary scrutiny and did not clarify bank account status when funds were given and returned; consequently the assessing officer is directed to verify facts, examine the genuineness of transaction evidence, afford the assessee an opportunity of hearing, and thereafter either impose the penalty or drop proceedings. The tribunal noted potential applicability of immunity for bona fide transactions but required primary fact-finding before any relief is granted and cautioned against frivolous adjournments. Case-Laws Income Tax Mon, 09 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466026