https://www.taxtmi.com/caselaws?id=419084 The Tribunal quashed the reassessment proceedings initiated by the Assessing Officer (A.O.) under section 147 read with section 148 of the Income Tax Act, 1961, as the A.O. acted on suspicion rather than a reasoned belief that income had escaped assessment. The Tribunal emphasized the necessity of valid reasons based on tangible material for reopening assessments. Consequently, the addition of Rs. 14,00,000/- under section 69 of the Income Tax Act on account of unexplained cash deposits was not addressed on merits due to the invalidity of the reassessment proceedings. en-us Thu, 22 Jul 2021 00:00:00 +0530 Thu, 03 Mar 2022 06:49:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419084 The Tribunal quashed the reassessment proceedings initiated by the Assessing Officer (A.O.) under section 147 read with section 148 of the Income Tax Act, 1961, as the A.O. acted on suspicion rather than a reasoned belief that income had escaped assessment. The Tribunal emphasized the necessity of valid reasons based on tangible material for reopening assessments. Consequently, the addition of Rs. 14,00,000/- under section 69 of the Income Tax Act on account of unexplained cash deposits was not addressed on merits due to the invalidity of the reassessment proceedings. Case-Laws Income Tax Thu, 22 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419084