https://www.taxtmi.com/caselaws?id=437343 The assessment framed under section 147 of the Income Tax Act was deemed invalid as the AO did not have sufficient grounds to believe in income escapement based solely on cash deposits in the bank account. The jurisdiction assumed by the AO was found to be not in accordance with the law, as no inquiry into the source of cash deposits was conducted. Consequently, the assessment order was set aside as invalid. The addition of Rs.15,00,000 under section 68 of the Act was not adjudicated due to the invalidity of the assessment order. The appeal of the assessee was allowed. en-us Wed, 29 Mar 2023 00:00:00 +0530 Thu, 04 May 2023 09:17:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437343 The assessment framed under section 147 of the Income Tax Act was deemed invalid as the AO did not have sufficient grounds to believe in income escapement based solely on cash deposits in the bank account. The jurisdiction assumed by the AO was found to be not in accordance with the law, as no inquiry into the source of cash deposits was conducted. Consequently, the assessment order was set aside as invalid. The addition of Rs.15,00,000 under section 68 of the Act was not adjudicated due to the invalidity of the assessment order. The appeal of the assessee was allowed. Case-Laws Income Tax Wed, 29 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437343