https://www.taxtmi.com/caselaws?id=792505 Penalty under section 271AAC(1) was unsustainable where the underlying quantum addition under section 69A had already been deleted and the cash deposits were treated as explained business receipts. Once the addition itself no longer survived, section 69A ceased to apply to the deposits, and the consequential penalty could not stand independently. The Tribunal therefore deleted the penalty, accepting that the penalty provision could not be invoked without a surviving basis in the quantum assessment. en-us Tue, 26 May 2026 00:00:00 +0530 Fri, 29 May 2026 08:59:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792505 Penalty under section 271AAC(1) was unsustainable where the underlying quantum addition under section 69A had already been deleted and the cash deposits were treated as explained business receipts. Once the addition itself no longer survived, section 69A ceased to apply to the deposits, and the consequential penalty could not stand independently. The Tribunal therefore deleted the penalty, accepting that the penalty provision could not be invoked without a surviving basis in the quantum assessment. Case-Laws Income Tax Tue, 26 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792505