https://www.taxtmi.com/caselaws?id=785896 Penalty under section 271AAC was considered where income was treated as unexplained investment following additions under provisions for unexplained cash credits and deposits; the assessee failed to substantiate nature or source of the bank deposits and did not cooperate in assessment or penalty proceedings, and notices were shown as served. The tribunal affirmed that penalty may be levied in such cases in addition to tax computed on deemed income and found no infirmity in the appellate authority's conclusion, resulting in dismissal of the appeal. en-us Fri, 30 Jan 2026 00:00:00 +0530 Mon, 02 Feb 2026 08:20:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=785896 Penalty under section 271AAC was considered where income was treated as unexplained investment following additions under provisions for unexplained cash credits and deposits; the assessee failed to substantiate nature or source of the bank deposits and did not cooperate in assessment or penalty proceedings, and notices were shown as served. The tribunal affirmed that penalty may be levied in such cases in addition to tax computed on deemed income and found no infirmity in the appellate authority's conclusion, resulting in dismissal of the appeal. Case-Laws Income Tax Fri, 30 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=785896