https://www.taxtmi.com/caselaws?id=429959 The Tribunal found that the initiation of proceedings under Section 147 read with Section 148 was valid as the Assessing Officer had reasons to believe that income had escaped assessment. The reassessment proceedings were deemed legitimate based on the reasons recorded by the Assessing Officer. The Tribunal upheld the addition of interest income due to lack of explanation from the assessee. However, the addition of undisclosed income from bank deposits was deleted as the assessee provided sufficient evidence to support the legitimate sources of the deposits. The appeal was partly allowed with the order pronounced on 04th November 2022. en-us Fri, 04 Nov 2022 00:00:00 +0530 Tue, 08 Nov 2022 09:22:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429959 The Tribunal found that the initiation of proceedings under Section 147 read with Section 148 was valid as the Assessing Officer had reasons to believe that income had escaped assessment. The reassessment proceedings were deemed legitimate based on the reasons recorded by the Assessing Officer. The Tribunal upheld the addition of interest income due to lack of explanation from the assessee. However, the addition of undisclosed income from bank deposits was deleted as the assessee provided sufficient evidence to support the legitimate sources of the deposits. The appeal was partly allowed with the order pronounced on 04th November 2022. Case-Laws Income Tax Fri, 04 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429959