https://www.taxtmi.com/caselaws?id=792077 Penalty under section 271(1)(c) does not survive where the quantum addition under section 68 is substantially reduced and the assessee's explanation is accepted in substance. Here, the cash deposits in the bank account were treated in the quantum proceedings as broadly attributable to cash sales turnover and cash in hand, with only a small estimated addition sustained. As the basis for alleging concealment or furnishing of inaccurate particulars for the full amount was materially eroded, the penalty foundation was not intact and the penalty was deleted. en-us Wed, 20 May 2026 00:00:00 +0530 Fri, 22 May 2026 07:06:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792077 Penalty under section 271(1)(c) does not survive where the quantum addition under section 68 is substantially reduced and the assessee's explanation is accepted in substance. Here, the cash deposits in the bank account were treated in the quantum proceedings as broadly attributable to cash sales turnover and cash in hand, with only a small estimated addition sustained. As the basis for alleging concealment or furnishing of inaccurate particulars for the full amount was materially eroded, the penalty foundation was not intact and the penalty was deleted. Case-Laws Income Tax Wed, 20 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792077