https://www.taxtmi.com/caselaws?id=195761 The case involved appeals challenging the Commissioner of Income Tax's revision of assessment orders under section 263 of the Income Tax Act due to unexplained bank deposits. The Commissioner found the original assessment orders erroneous and prejudicial to revenue as the Assessing Officer failed to establish the source of deposits, leading to unexplained income being deemed the assessee's income. The Commissioner directed substantive assessment over protective assessment, emphasizing the need for evidence-based assessments. The appeals upheld the Commissioner's decision, requiring fresh assessments taxing the unexplained income in the assessee's hands on a substantive basis. en-us Fri, 16 Jan 2015 00:00:00 +0530 Fri, 10 Nov 2017 08:09:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195761 The case involved appeals challenging the Commissioner of Income Tax's revision of assessment orders under section 263 of the Income Tax Act due to unexplained bank deposits. The Commissioner found the original assessment orders erroneous and prejudicial to revenue as the Assessing Officer failed to establish the source of deposits, leading to unexplained income being deemed the assessee's income. The Commissioner directed substantive assessment over protective assessment, emphasizing the need for evidence-based assessments. The appeals upheld the Commissioner's decision, requiring fresh assessments taxing the unexplained income in the assessee's hands on a substantive basis. Case-Laws Income Tax Fri, 16 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195761