https://www.taxtmi.com/caselaws?id=432228 The tribunal upheld the validity of the reopening of assessment under Section 147 of the Income-Tax Act, 1961, due to tangible material supporting the belief of income escaping assessment. However, the tribunal found in favor of the assessee regarding the addition made, as the explanations provided for the sources of cash deposits were deemed satisfactory and supported by evidence. Consequently, the tribunal deleted the addition of Rs.49,85,000, partially allowing the appeal. en-us Fri, 25 Nov 2022 00:00:00 +0530 Sat, 31 Dec 2022 08:44:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432228 The tribunal upheld the validity of the reopening of assessment under Section 147 of the Income-Tax Act, 1961, due to tangible material supporting the belief of income escaping assessment. However, the tribunal found in favor of the assessee regarding the addition made, as the explanations provided for the sources of cash deposits were deemed satisfactory and supported by evidence. Consequently, the tribunal deleted the addition of Rs.49,85,000, partially allowing the appeal. Case-Laws Income Tax Fri, 25 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432228