https://www.taxtmi.com/caselaws?id=288071 The ITAT quashed the reopening of assessments for both parties, citing insufficient grounds for reassessment under Section 147 of the Income Tax Act, 1961. The Tribunal deleted the additions of Rs. 26,40,000 and Rs. 16,00,000, respectively, ruling that mere bank deposits do not constitute evidence of undisclosed income without specific and tangible material. en-us Thu, 01 Aug 2019 00:00:00 +0530 Thu, 14 Nov 2024 12:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288071 The ITAT quashed the reopening of assessments for both parties, citing insufficient grounds for reassessment under Section 147 of the Income Tax Act, 1961. The Tribunal deleted the additions of Rs. 26,40,000 and Rs. 16,00,000, respectively, ruling that mere bank deposits do not constitute evidence of undisclosed income without specific and tangible material. Case-Laws Income Tax Thu, 01 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288071