https://www.taxtmi.com/caselaws?id=799607 Cash deposits in a banking correspondent's current account require fresh factual verification where evidence may show that they arose from customer deposits and withdrawals rather than unexplained money. Commission income subject to tax deduction and non-participation attributed to incorrect registered contact details support an opportunity to produce evidence. The character and unexplained portion, if any, of the deposits must be determined de novo before liability for penalty for unexplained income is considered. Consequently, an existing penalty is premature and cannot stand until the foundational determination is made. en-us Mon, 31 Aug 2026 00:00:00 +0530 Thu, 24 Sep 2026 08:27:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=799607 Cash deposits in a banking correspondent's current account require fresh factual verification where evidence may show that they arose from customer deposits and withdrawals rather than unexplained money. Commission income subject to tax deduction and non-participation attributed to incorrect registered contact details support an opportunity to produce evidence. The character and unexplained portion, if any, of the deposits must be determined de novo before liability for penalty for unexplained income is considered. Consequently, an existing penalty is premature and cannot stand until the foundational determination is made. Case-Laws Income Tax Mon, 31 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=799607