https://www.taxtmi.com/caselaws?id=416099 The reassessment proceedings under Section 147 r.w.s. 143(3) were upheld by the CIT(A) in a case involving unexplained cash credits under Section 68 of the IT Act. The court deemed the reasons for reopening sufficient and relevant, establishing a reasonable belief that income had escaped assessment. The reassessment was upheld, dismissing the jurisdictional challenges raised by the assessee. The CIT(A) also emphasized the importance of establishing the creditworthiness and genuineness of sources in cases of unexplained cash credits, remanding the issue back to the Assessing Officer for proper adjudication. The appeal of the revenue was partly allowed for statistical purposes, while the appeal of the assessee was dismissed. en-us Fri, 26 Nov 2021 00:00:00 +0530 Tue, 21 Dec 2021 08:44:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416099 The reassessment proceedings under Section 147 r.w.s. 143(3) were upheld by the CIT(A) in a case involving unexplained cash credits under Section 68 of the IT Act. The court deemed the reasons for reopening sufficient and relevant, establishing a reasonable belief that income had escaped assessment. The reassessment was upheld, dismissing the jurisdictional challenges raised by the assessee. The CIT(A) also emphasized the importance of establishing the creditworthiness and genuineness of sources in cases of unexplained cash credits, remanding the issue back to the Assessing Officer for proper adjudication. The appeal of the revenue was partly allowed for statistical purposes, while the appeal of the assessee was dismissed. Case-Laws Income Tax Fri, 26 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416099