https://www.taxtmi.com/caselaws?id=383673 The Tribunal upheld the validity of the reassessment proceedings under Section 147 of the Income Tax Act but directed the deletion of the addition of Rs. 13,13,000 as unexplained cash deposits, partly allowing the appeal filed by the assessee. The reassessment was deemed valid due to a discrepancy in PAN numbers, despite the Return of Income being filed using a different PAN. The Tribunal found the AO's presumption regarding earlier cash withdrawals to be unfounded, leading to the deletion of the cash deposit addition. en-us Wed, 24 Jul 2019 00:00:00 +0530 Sat, 27 Jul 2019 13:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383673 The Tribunal upheld the validity of the reassessment proceedings under Section 147 of the Income Tax Act but directed the deletion of the addition of Rs. 13,13,000 as unexplained cash deposits, partly allowing the appeal filed by the assessee. The reassessment was deemed valid due to a discrepancy in PAN numbers, despite the Return of Income being filed using a different PAN. The Tribunal found the AO's presumption regarding earlier cash withdrawals to be unfounded, leading to the deletion of the cash deposit addition. Case-Laws Income Tax Wed, 24 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383673