https://www.taxtmi.com/caselaws?id=238057 The appeal was allowed, and the reassessment proceedings under Section 147 of the Income Tax Act were quashed. The Tribunal found that the initiation of reassessment proceedings was invalid as the Assessing Officer did not validly assume jurisdiction and merely acted on borrowed satisfaction. Consequently, all additions made by the Assessing Officer, including the addition of Rs. 5,92,809 on account of unexplained deposits in the bank account, were deleted. en-us Fri, 14 Jun 2013 00:00:00 +0530 Tue, 15 Oct 2013 11:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238057 The appeal was allowed, and the reassessment proceedings under Section 147 of the Income Tax Act were quashed. The Tribunal found that the initiation of reassessment proceedings was invalid as the Assessing Officer did not validly assume jurisdiction and merely acted on borrowed satisfaction. Consequently, all additions made by the Assessing Officer, including the addition of Rs. 5,92,809 on account of unexplained deposits in the bank account, were deleted. Case-Laws Income Tax Fri, 14 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238057