Estimated cash-deposit additions alone cannot establish concealment for penalty, resulting in deletion of the levy.

Estimated cash-deposit additions alone cannot establish concealment for penalty, resulting in deletion of the levy. https://www.taxtmi.com/highlights?id=103649 Penalty under section 271AAC(1) was not sustainable where unexplained cash deposits were assessed only by estimating and restricting the addition to a profit percentage. An ad hoc estimated addition did not, by itself, establish conscious concealment or undisclosed income. The penalty levied solely on that estimated addition was therefore deleted, and the appeal was allowed. en-us Fri, 11 Sep 2026 08:13:48 +0530 Fri, 11 Sep 2026 08:13:48 +0530 TaxTMI RSS Generator Estimated cash-deposit additions alone cannot establish concealment for penalty, resulting in deletion of the levy. https://www.taxtmi.com/highlights?id=103649 Penalty under section 271AAC(1) was not sustainable where unexplained cash deposits were assessed only by estimating and restricting the addition to a profit percentage. An ad hoc estimated addition did not, by itself, establish conscious concealment or undisclosed income. The penalty levied solely on that estimated addition was therefore deleted, and the appeal was allowed. Highlights Income Tax Fri, 11 Sep 2026 08:13:48 +0530 https://www.taxtmi.com/highlights?id=103649