https://www.taxtmi.com/caselaws?id=71990 Section 68 was held inapplicable to peak credits in a co-operative bank's customer accounts where the deposits were maintained in ordinary banking books, regulated by banking norms, and were linked to identifiable introducers, account holders, or earlier traced sources; the deletion of the additions was upheld. On reassessment, the material was found sufficient to support reason to believe for one year, so reopening was sustained. For the other year, the dispute over recording and service of reasons under sections 147/148 had not been independently examined, so the jurisdictional issue was remitted for fresh consideration before any merits decision. en-us Fri, 15 Feb 2008 00:00:00 +0530 Tue, 16 Jan 2024 14:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71990 Section 68 was held inapplicable to peak credits in a co-operative bank's customer accounts where the deposits were maintained in ordinary banking books, regulated by banking norms, and were linked to identifiable introducers, account holders, or earlier traced sources; the deletion of the additions was upheld. On reassessment, the material was found sufficient to support reason to believe for one year, so reopening was sustained. For the other year, the dispute over recording and service of reasons under sections 147/148 had not been independently examined, so the jurisdictional issue was remitted for fresh consideration before any merits decision. Case-Laws Income Tax Fri, 15 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71990