https://www.taxtmi.com/caselaws?id=795835 Cash deposits collected by a documented Bank Mitra in the course of authorised intermediary banking services are described as customer funds rather than unexplained money where bank transactions support that arrangement; the corresponding addition was deleted. Rental-income addition was also deleted because no evidence disproved the claim that the income had already been included in the returned taxable income. For penalty provisions covering each failure, repeated notices seeking compliance with the same requirement constitute one default rather than separate defaults, so only one penalty was sustainable and the additional penalty was deleted. en-us Fri, 24 Jul 2026 00:00:00 +0530 Tue, 28 Jul 2026 08:30:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795835 Cash deposits collected by a documented Bank Mitra in the course of authorised intermediary banking services are described as customer funds rather than unexplained money where bank transactions support that arrangement; the corresponding addition was deleted. Rental-income addition was also deleted because no evidence disproved the claim that the income had already been included in the returned taxable income. For penalty provisions covering each failure, repeated notices seeking compliance with the same requirement constitute one default rather than separate defaults, so only one penalty was sustainable and the additional penalty was deleted. Case-Laws Income Tax Fri, 24 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795835