https://www.taxtmi.com/caselaws?id=275745 ITAT considered whether a preliminary assessment notice issued after one year from the end of the assessment year was permissible and whether cash deposits constituted unexplained investment. The Tribunal held that there is no statutory time restriction on issuing the preliminary notice under the relevant procedure, so the notice and consequent assessment are valid. The Tribunal also found the assessee failed to prove the source of substantial cash deposits; applying the unexplained investment principle and onus rules, it sustained an addition of Rs.6,50,000. Both grounds raised by the assessee were dismissed. en-us Fri, 22 Nov 2013 00:00:00 +0530 Tue, 03 Feb 2026 14:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275745 ITAT considered whether a preliminary assessment notice issued after one year from the end of the assessment year was permissible and whether cash deposits constituted unexplained investment. The Tribunal held that there is no statutory time restriction on issuing the preliminary notice under the relevant procedure, so the notice and consequent assessment are valid. The Tribunal also found the assessee failed to prove the source of substantial cash deposits; applying the unexplained investment principle and onus rules, it sustained an addition of Rs.6,50,000. Both grounds raised by the assessee were dismissed. Case-Laws Income Tax Fri, 22 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275745