https://www.taxtmi.com/caselaws?id=403568 The ITAT upheld the reopening of assessment due to the assessee's failure to comply with notices and substantiate claims related to cash deposits in a bank account, despite contradictory statements and lack of supporting evidence. The ITAT dismissed the appeal, confirming ownership of the bank account by the assessee and emphasizing the importance of providing conclusive evidence to substantiate claims. Additionally, the ITAT found no merit in the assessee's Miscellaneous Application for rectification under section 254(2) of the Act, emphasizing the need for obvious patent mistakes for such rectification. en-us Wed, 09 Dec 2020 00:00:00 +0530 Tue, 02 Feb 2021 14:46:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403568 The ITAT upheld the reopening of assessment due to the assessee's failure to comply with notices and substantiate claims related to cash deposits in a bank account, despite contradictory statements and lack of supporting evidence. The ITAT dismissed the appeal, confirming ownership of the bank account by the assessee and emphasizing the importance of providing conclusive evidence to substantiate claims. Additionally, the ITAT found no merit in the assessee's Miscellaneous Application for rectification under section 254(2) of the Act, emphasizing the need for obvious patent mistakes for such rectification. Case-Laws Income Tax Wed, 09 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403568