https://www.taxtmi.com/caselaws?id=436443 The appeal was partly allowed for statistical purposes, with the matter remanded to the AO for fresh adjudication regarding the source of cash deposits. The delay in filing the appeal was condoned due to bona fide reasons. The reassessment proceedings under Section 147 were upheld as the AO had a genuine belief that income had escaped assessment. The addition of cash deposits as unexplained income was reduced but required further verification. Grounds 1 & 2 were allowed, while Grounds 4 & 5 were dismissed. en-us Mon, 27 Mar 2023 00:00:00 +0530 Thu, 13 Apr 2023 07:59:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436443 The appeal was partly allowed for statistical purposes, with the matter remanded to the AO for fresh adjudication regarding the source of cash deposits. The delay in filing the appeal was condoned due to bona fide reasons. The reassessment proceedings under Section 147 were upheld as the AO had a genuine belief that income had escaped assessment. The addition of cash deposits as unexplained income was reduced but required further verification. Grounds 1 & 2 were allowed, while Grounds 4 & 5 were dismissed. Case-Laws Income Tax Mon, 27 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436443