https://www.taxtmi.com/caselaws?id=470747 Penalty for alleged unexplained cash deposits under Section 271(1)(c) was considered unjustified where the assessment order did not specify whether the charge was concealment of income or furnishing inaccurate particulars. The cash-withdrawal explanation was rejected only on a probability-based view that the withdrawn funds were used for household expenditure. In these circumstances, the statutory discretion on penalty was exercised in favour of the assessee, and the penalties were deleted. en-us Wed, 26 Mar 2025 00:00:00 +0530 Thu, 06 Aug 2026 19:34:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470747 Penalty for alleged unexplained cash deposits under Section 271(1)(c) was considered unjustified where the assessment order did not specify whether the charge was concealment of income or furnishing inaccurate particulars. The cash-withdrawal explanation was rejected only on a probability-based view that the withdrawn funds were used for household expenditure. In these circumstances, the statutory discretion on penalty was exercised in favour of the assessee, and the penalties were deleted. Case-Laws Income Tax Wed, 26 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470747