https://www.taxtmi.com/caselaws?id=385578 The Tribunal ruled in favor of the assessee, quashing the re-assessment proceedings initiated under sections 147/148 of the Income Tax Act. It held that the assessing officer's actions were based on incorrect facts and mere suspicion, emphasizing that mere cash deposits do not automatically indicate escaped income. The addition of cash deposits and share purchases was set aside as the assessing officer failed to properly consider the facts and law. The judgment underscored the significance of ensuring accuracy and validity in re-assessment proceedings to uphold the integrity of tax assessments. en-us Thu, 05 Sep 2019 00:00:00 +0530 Sat, 07 Sep 2019 09:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385578 The Tribunal ruled in favor of the assessee, quashing the re-assessment proceedings initiated under sections 147/148 of the Income Tax Act. It held that the assessing officer's actions were based on incorrect facts and mere suspicion, emphasizing that mere cash deposits do not automatically indicate escaped income. The addition of cash deposits and share purchases was set aside as the assessing officer failed to properly consider the facts and law. The judgment underscored the significance of ensuring accuracy and validity in re-assessment proceedings to uphold the integrity of tax assessments. Case-Laws Income Tax Thu, 05 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385578