https://www.taxtmi.com/caselaws?id=785438 Whether tax was "sought to be evaded" by additions as unexplained cash credits was tested by comparing assessed income with returned income; because the second addition under consideration reduced assessed income to equal the returned income, the tax sought to be evaded was nil and penalty was not leviable by virtue of the applicable explanation. Whether the assessee furnished inaccurate particulars was tested by reference to audited books showing sales; because sales were fully disclosed in the books and not disputed, no penalty arose on account of inaccurate particulars. en-us Tue, 20 Jan 2026 00:00:00 +0530 Fri, 23 Jan 2026 09:10:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=785438 Whether tax was "sought to be evaded" by additions as unexplained cash credits was tested by comparing assessed income with returned income; because the second addition under consideration reduced assessed income to equal the returned income, the tax sought to be evaded was nil and penalty was not leviable by virtue of the applicable explanation. Whether the assessee furnished inaccurate particulars was tested by reference to audited books showing sales; because sales were fully disclosed in the books and not disputed, no penalty arose on account of inaccurate particulars. Case-Laws Income Tax Tue, 20 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=785438