https://www.taxtmi.com/caselaws?id=390735 The Tribunal confirmed the validity of the reassessment proceedings initiated under Sections 147/148 due to the absence of a return of income and substantial cash deposits by the assessee. Regarding the addition of Rs. 12,07,500/- to the income, the Tribunal partially allowed the appeal by restricting the addition related to agricultural income and personal savings to Rs. 2,00,000/- but upheld the addition related to gifts due to insufficient evidence and lack of credibility in explanations provided by the assessee. The final order on January 2, 2020, resulted in partial relief for the assessee. en-us Thu, 02 Jan 2020 00:00:00 +0530 Fri, 10 Jan 2020 07:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390735 The Tribunal confirmed the validity of the reassessment proceedings initiated under Sections 147/148 due to the absence of a return of income and substantial cash deposits by the assessee. Regarding the addition of Rs. 12,07,500/- to the income, the Tribunal partially allowed the appeal by restricting the addition related to agricultural income and personal savings to Rs. 2,00,000/- but upheld the addition related to gifts due to insufficient evidence and lack of credibility in explanations provided by the assessee. The final order on January 2, 2020, resulted in partial relief for the assessee. Case-Laws Income Tax Thu, 02 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390735