https://www.taxtmi.com/caselaws?id=405025 The Tribunal upheld the Assessing Officer's prima facie belief that income had escaped assessment due to unexplained cash deposits in the bank account, rejecting the assessee's challenge on the validity of reassessment proceedings. However, the Tribunal found the reassessment to be based on incorrect information without proper verification, leading to the quashing of the proceedings. Consequently, the appeal by the assessee was allowed, setting aside the order of the CIT(A) on the issue of the validity of reassessment proceedings. en-us Wed, 03 Mar 2021 00:00:00 +0530 Wed, 10 Mar 2021 08:28:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405025 The Tribunal upheld the Assessing Officer's prima facie belief that income had escaped assessment due to unexplained cash deposits in the bank account, rejecting the assessee's challenge on the validity of reassessment proceedings. However, the Tribunal found the reassessment to be based on incorrect information without proper verification, leading to the quashing of the proceedings. Consequently, the appeal by the assessee was allowed, setting aside the order of the CIT(A) on the issue of the validity of reassessment proceedings. Case-Laws Income Tax Wed, 03 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405025