https://www.taxtmi.com/caselaws?id=468179 Cash deposits in the bank account were treated as unexplained income, but the Tribunal held that the assessee's small-contractor background and the surrounding facts justified a reasonable estimate rather than the full addition. The addition was therefore restricted to Rs. 5 lakhs, with relief for the balance. On penalty, the Tribunal held that concealment or inaccurate-particulars penalty could not survive because the substantive addition rested on an estimated view of deposits and not on a clear finding of concealment. The penalty was deleted in full. en-us Mon, 03 Feb 2025 00:00:00 +0530 Tue, 21 Apr 2026 08:48:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468179 Cash deposits in the bank account were treated as unexplained income, but the Tribunal held that the assessee's small-contractor background and the surrounding facts justified a reasonable estimate rather than the full addition. The addition was therefore restricted to Rs. 5 lakhs, with relief for the balance. On penalty, the Tribunal held that concealment or inaccurate-particulars penalty could not survive because the substantive addition rested on an estimated view of deposits and not on a clear finding of concealment. The penalty was deleted in full. Case-Laws Income Tax Mon, 03 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468179