https://www.taxtmi.com/caselaws?id=285032 The Tribunal quashed the reassessment proceedings and penalty imposed under section 271(1)(c), emphasizing the requirement for clear reasons for reopening assessments and the distinction between penalty and assessment proceedings. The decision highlighted the necessity for a direct nexus between deposited cash and income escapement, citing precedents where similar reassessment proceedings were annulled due to insufficient justification. The Tribunal ruled in favor of the assessee, emphasizing the importance of substantiated reasons and proof of concealment in penalty proceedings. en-us Wed, 04 Sep 2019 00:00:00 +0530 Sun, 22 Dec 2019 07:26:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285032 The Tribunal quashed the reassessment proceedings and penalty imposed under section 271(1)(c), emphasizing the requirement for clear reasons for reopening assessments and the distinction between penalty and assessment proceedings. The decision highlighted the necessity for a direct nexus between deposited cash and income escapement, citing precedents where similar reassessment proceedings were annulled due to insufficient justification. The Tribunal ruled in favor of the assessee, emphasizing the importance of substantiated reasons and proof of concealment in penalty proceedings. Case-Laws Income Tax Wed, 04 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285032