https://www.taxtmi.com/caselaws?id=303964 The court quashed the reassessment proceedings, finding flaws in the Assessing Officer's reasoning for invoking section 148/147 based on cash deposits in bank accounts. Emphasizing the necessity of self-explanatory reasons directly linked to income escaping assessment, the court referenced legal precedents and stressed the importance of a cause-and-effect relationship between reasons and income escapement. Dismissing the argument that bank deposits alone justify income escapement, the court ruled the reasons insufficient for reopening assessment. Consequently, the appeals were allowed, and the impugned reopening was quashed, rendering other issues on the merits of additions in the assessment proceedings irrelevant. en-us Tue, 31 May 2022 00:00:00 +0530 Mon, 29 Aug 2022 08:32:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303964 The court quashed the reassessment proceedings, finding flaws in the Assessing Officer's reasoning for invoking section 148/147 based on cash deposits in bank accounts. Emphasizing the necessity of self-explanatory reasons directly linked to income escaping assessment, the court referenced legal precedents and stressed the importance of a cause-and-effect relationship between reasons and income escapement. Dismissing the argument that bank deposits alone justify income escapement, the court ruled the reasons insufficient for reopening assessment. Consequently, the appeals were allowed, and the impugned reopening was quashed, rendering other issues on the merits of additions in the assessment proceedings irrelevant. Case-Laws Income Tax Tue, 31 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303964