https://www.taxtmi.com/caselaws?id=279151 The Appellate Tribunal ITAT Delhi held that reassessment proceedings initiated by the AO based on cash deposits in the assessee's bank account were not valid. The Tribunal emphasized that mere cash deposits do not automatically indicate unexplained income and there must be a valid reason to believe income has escaped assessment. As the AO failed to substantiate that income had escaped assessment, the reassessment order was quashed. The appeal of the assessee was allowed, and the remaining issues were deemed academic and not adjudicated upon. en-us Thu, 27 Apr 2017 00:00:00 +0530 Wed, 06 Mar 2019 06:32:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279151 The Appellate Tribunal ITAT Delhi held that reassessment proceedings initiated by the AO based on cash deposits in the assessee's bank account were not valid. The Tribunal emphasized that mere cash deposits do not automatically indicate unexplained income and there must be a valid reason to believe income has escaped assessment. As the AO failed to substantiate that income had escaped assessment, the reassessment order was quashed. The appeal of the assessee was allowed, and the remaining issues were deemed academic and not adjudicated upon. Case-Laws Income Tax Thu, 27 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279151