https://www.taxtmi.com/caselaws?id=436860 The Tribunal found that the reassessment proceedings initiated without proper jurisdiction and compliance with mandatory conditions were unsustainable and quashed. The AO lacked sufficient grounds to assume jurisdiction based solely on AIR information without further verification. Consequently, the addition of Rs. 15,50,200 as an undeclared cash deposit in the bank account was not adjudicated on as the reassessment proceedings were deemed invalid. The appeal was partly allowed, and all related reassessment proceedings were quashed. en-us Fri, 31 Mar 2023 00:00:00 +0530 Fri, 21 Apr 2023 17:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436860 The Tribunal found that the reassessment proceedings initiated without proper jurisdiction and compliance with mandatory conditions were unsustainable and quashed. The AO lacked sufficient grounds to assume jurisdiction based solely on AIR information without further verification. Consequently, the addition of Rs. 15,50,200 as an undeclared cash deposit in the bank account was not adjudicated on as the reassessment proceedings were deemed invalid. The appeal was partly allowed, and all related reassessment proceedings were quashed. Case-Laws Income Tax Fri, 31 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436860