https://www.taxtmi.com/caselaws?id=375186 The Tribunal held that the re-opening of the assessment for the assessment year 2009-10 under section 147 of the Income Tax Act, 1961 was invalid. The reasons recorded for re-opening did not establish a rational connection with the belief that income had escaped assessment. Mere cash deposits in the bank account were not sufficient to prove income escapement. The Tribunal emphasized the necessity for reasons to directly point to income escaping assessment and not just the need for further inquiry. As a result, the reassessment proceedings were quashed, and the assessee's appeal was allowed. en-us Wed, 13 Feb 2019 00:00:00 +0530 Fri, 15 Feb 2019 08:10:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375186 The Tribunal held that the re-opening of the assessment for the assessment year 2009-10 under section 147 of the Income Tax Act, 1961 was invalid. The reasons recorded for re-opening did not establish a rational connection with the belief that income had escaped assessment. Mere cash deposits in the bank account were not sufficient to prove income escapement. The Tribunal emphasized the necessity for reasons to directly point to income escaping assessment and not just the need for further inquiry. As a result, the reassessment proceedings were quashed, and the assessee's appeal was allowed. Case-Laws Income Tax Wed, 13 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375186