https://www.taxtmi.com/caselaws?id=406699 The tribunal allowed the appeal, quashing the reassessment proceedings under section 147 of the Income Tax Act due to invalid reasons recorded by the Assessing Officer. The addition of Rs. 22,77,550 as unexplained cash deposits was deemed academic and infructuous as a result. The tribunal emphasized that reassessment cannot be initiated merely to examine facts unless there is a reason to believe income has escaped assessment. The decision was pronounced on 19/04/2021. en-us Mon, 19 Apr 2021 00:00:00 +0530 Tue, 20 Apr 2021 21:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406699 The tribunal allowed the appeal, quashing the reassessment proceedings under section 147 of the Income Tax Act due to invalid reasons recorded by the Assessing Officer. The addition of Rs. 22,77,550 as unexplained cash deposits was deemed academic and infructuous as a result. The tribunal emphasized that reassessment cannot be initiated merely to examine facts unless there is a reason to believe income has escaped assessment. The decision was pronounced on 19/04/2021. Case-Laws Income Tax Mon, 19 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406699