https://www.taxtmi.com/caselaws?id=413615 The Tribunal upheld the validity of reassessment proceedings under section 148 of the Income Tax Act, confirming that approval from the Principal Commissioner of Income Tax was obtained. Regarding the addition of unexplained cash deposits, the Tribunal directed a fresh assessment by the Assessing Officer to verify cash withdrawals and re-deposits, considering personal expenses and investments. The challenge against the CIT(A) order was partly allowed for statistical purposes, instructing the AO to re-examine the case and consider the business purpose of cash transactions. en-us Thu, 07 Oct 2021 00:00:00 +0530 Sat, 16 Oct 2021 09:06:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413615 The Tribunal upheld the validity of reassessment proceedings under section 148 of the Income Tax Act, confirming that approval from the Principal Commissioner of Income Tax was obtained. Regarding the addition of unexplained cash deposits, the Tribunal directed a fresh assessment by the Assessing Officer to verify cash withdrawals and re-deposits, considering personal expenses and investments. The challenge against the CIT(A) order was partly allowed for statistical purposes, instructing the AO to re-examine the case and consider the business purpose of cash transactions. Case-Laws Income Tax Thu, 07 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413615