https://www.taxtmi.com/caselaws?id=418986 The Appellate Tribunal upheld the validity of the reassessment proceedings initiated under sections 147/148 of the IT Act, dismissing challenges and affirming the Assessing Officer's 'reason to believe' for issuing the notice. The Tribunal upheld the addition on merit concerning a cash deposit, finding no reason to interfere with the AO's decision. The issue of proper hearing opportunity was dismissed as not pressed. The Tribunal ordered the assessment issue to be reexamined by the AO, allowing the appeal for statistical purposes and providing the assessee with a fresh opportunity to be heard. en-us Fri, 18 Feb 2022 00:00:00 +0530 Tue, 01 Mar 2022 08:18:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418986 The Appellate Tribunal upheld the validity of the reassessment proceedings initiated under sections 147/148 of the IT Act, dismissing challenges and affirming the Assessing Officer's 'reason to believe' for issuing the notice. The Tribunal upheld the addition on merit concerning a cash deposit, finding no reason to interfere with the AO's decision. The issue of proper hearing opportunity was dismissed as not pressed. The Tribunal ordered the assessment issue to be reexamined by the AO, allowing the appeal for statistical purposes and providing the assessee with a fresh opportunity to be heard. Case-Laws Income Tax Fri, 18 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418986