https://www.taxtmi.com/caselaws?id=785551 Penalty under tax provisions was imposed based on an addition for unexplained money attributed to the taxpayer; the deletion of that addition was sustained on the ground that the taxpayer acted as an agent of the bank, a fact corroborated by the bank branch manager, and therefore the deposited funds pertained to the bank. Because the primary addition was negated on the merits, the consequential penalty founded on that addition could not subsist and the Revenue's grounds challenging deletion and penalty were rejected. en-us Thu, 15 Jan 2026 00:00:00 +0530 Tue, 27 Jan 2026 07:36:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=785551 Penalty under tax provisions was imposed based on an addition for unexplained money attributed to the taxpayer; the deletion of that addition was sustained on the ground that the taxpayer acted as an agent of the bank, a fact corroborated by the bank branch manager, and therefore the deposited funds pertained to the bank. Because the primary addition was negated on the merits, the consequential penalty founded on that addition could not subsist and the Revenue's grounds challenging deletion and penalty were rejected. Case-Laws Income Tax Thu, 15 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=785551