https://www.taxtmi.com/caselaws?id=272278 The tribunal quashed the reopening of the assessment under Section 148, deeming it invalid due to the Assessing Officer's incorrect assumption and lack of tangible material linking the cash deposit to assessable income. Consequently, the appeal of the assessee was allowed as other grounds became irrelevant. The tribunal stressed the importance of the AO properly considering the material before alleging income escapement, rather than utilizing reopening for investigative purposes. en-us Fri, 22 Jan 2016 00:00:00 +0530 Mon, 29 Feb 2016 10:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272278 The tribunal quashed the reopening of the assessment under Section 148, deeming it invalid due to the Assessing Officer's incorrect assumption and lack of tangible material linking the cash deposit to assessable income. Consequently, the appeal of the assessee was allowed as other grounds became irrelevant. The tribunal stressed the importance of the AO properly considering the material before alleging income escapement, rather than utilizing reopening for investigative purposes. Case-Laws Income Tax Fri, 22 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272278