HFTS and Commissioner of Taxation (Taxation) [2019] AATA 5164

TAXATION – objection to income taxation assessment – objection to penalty assessment – nature of unexplained deposits – whether the deposits were loans – whether the Commissioner’s assessment was excessive – 14ZZK – whether the applicant could show his actual income – whether a penalty assessment was appropriate – whether the penalty should be remitted – income tax assessment decision affirmed – penalty remitted in part.

Full decision here