https://www.taxtmi.com/caselaws?id=404647 The Tribunal dismissed the challenge to the initiation of proceedings under sections 147/148 of the Income Tax Act as not pressed. The addition of cash deposits as unexplained income under section 68 was upheld, but the Tribunal directed a reevaluation by the AO for the assessee to substantiate the source. The issue of charging interest under sections 234A, 234B, and 234C remained unresolved. The Tribunal allowed the appeal for statistical purposes, emphasizing the importance of evidence and a fair opportunity for the assessee in income tax assessments. en-us Thu, 18 Feb 2021 00:00:00 +0530 Sat, 27 Feb 2021 11:26:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404647 The Tribunal dismissed the challenge to the initiation of proceedings under sections 147/148 of the Income Tax Act as not pressed. The addition of cash deposits as unexplained income under section 68 was upheld, but the Tribunal directed a reevaluation by the AO for the assessee to substantiate the source. The issue of charging interest under sections 234A, 234B, and 234C remained unresolved. The Tribunal allowed the appeal for statistical purposes, emphasizing the importance of evidence and a fair opportunity for the assessee in income tax assessments. Case-Laws Income Tax Thu, 18 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404647