https://www.taxtmi.com/caselaws?id=401284 The Tribunal upheld the assessment order, ruling it was not void ab-initio due to the AO providing ample opportunities for the assessee to explain claims. The lack of opportunity claim was dismissed as the AO had given sufficient chances for the assessee to respond. The disallowance of cash deposit under Section 68 was overturned as the amount was explained from earlier withdrawals. However, the disallowance of expenditure under Section 69C was upheld, limiting it to 10% due to lack of proper evidence. The appeal was partly allowed, with Ground No.3 succeeding, and the others (Ground Nos. 1, 2, and 4) being dismissed. en-us Wed, 02 Dec 2020 00:00:00 +0530 Thu, 03 Dec 2020 14:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401284 The Tribunal upheld the assessment order, ruling it was not void ab-initio due to the AO providing ample opportunities for the assessee to explain claims. The lack of opportunity claim was dismissed as the AO had given sufficient chances for the assessee to respond. The disallowance of cash deposit under Section 68 was overturned as the amount was explained from earlier withdrawals. However, the disallowance of expenditure under Section 69C was upheld, limiting it to 10% due to lack of proper evidence. The appeal was partly allowed, with Ground No.3 succeeding, and the others (Ground Nos. 1, 2, and 4) being dismissed. Case-Laws Income Tax Wed, 02 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401284