https://www.taxtmi.com/caselaws?id=307365 The Court upheld the reassessment notice issued under Section 148 of the Income Tax Act, 1961 for Assessment Year 2017-18, emphasizing the "reason to believe" standard for reopening assessments within four years of filing. The Court noted the petitioner's cash deposits during demonetization but found a lack of evidence on the source of the deposit, suggesting undisclosed taxable income. The issue of lack of sanction by the appropriate authority was not addressed in the objections but was allowed to be raised during the reassessment proceedings, granting the petitioner the opportunity to contest it. en-us Thu, 24 Feb 2022 00:00:00 +0530 Fri, 07 Apr 2023 21:30:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307365 The Court upheld the reassessment notice issued under Section 148 of the Income Tax Act, 1961 for Assessment Year 2017-18, emphasizing the "reason to believe" standard for reopening assessments within four years of filing. The Court noted the petitioner's cash deposits during demonetization but found a lack of evidence on the source of the deposit, suggesting undisclosed taxable income. The issue of lack of sanction by the appropriate authority was not addressed in the objections but was allowed to be raised during the reassessment proceedings, granting the petitioner the opportunity to contest it. Case-Laws Income Tax Thu, 24 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307365