https://www.taxtmi.com/caselaws?id=431325 The Tribunal upheld the legality of re-opening the assessment under section 147 of the Income-tax Act, 1961, finding that the Assessing Officer had a reasonable belief of income escapement due to unexplained cash deposits. The appellant partially succeeded in the appeal, with the deletion of Rs. 8,50,000 addition from retirement benefits but the Rs. 5,69,000 addition towards unexplained cash deposits was upheld. The judgment emphasized the necessity of providing adequate evidence to explain income sources and the validity of re-opening assessments based on reasonable beliefs of income evasion. en-us Wed, 07 Dec 2022 00:00:00 +0530 Sat, 10 Dec 2022 11:14:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431325 The Tribunal upheld the legality of re-opening the assessment under section 147 of the Income-tax Act, 1961, finding that the Assessing Officer had a reasonable belief of income escapement due to unexplained cash deposits. The appellant partially succeeded in the appeal, with the deletion of Rs. 8,50,000 addition from retirement benefits but the Rs. 5,69,000 addition towards unexplained cash deposits was upheld. The judgment emphasized the necessity of providing adequate evidence to explain income sources and the validity of re-opening assessments based on reasonable beliefs of income evasion. Case-Laws Income Tax Wed, 07 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431325