Unexplained Cash Deposit Addition made after deducting withdrawals: Rajasthan HC confirms Penalty u/s 271 [Read Order]
It was noted that the appellant had not declared these deposits or the interest earned, and the addition made was based on the available material and after considering the appellantās explanations
By Navasree A.M - On August 6, 2024 5:50 pm - 2 mins read
The Rajasthan High Court has upheld a penalty imposed under Section 271(1)(c) of the Income Tax Act, confirming that the unexplained cash deposits were correctly added by the income tax department after considering the withdrawal benefits granted. Justice Shubha Mehta and Justice Avneesh Jhingan observed that āThe addition of the cash deposits was made after…
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