https://www.taxtmi.com/caselaws?id=439154 The Tribunal quashed the reassessment order as the AO failed to investigate the source of cash deposits, leading to the invalid reopening of assessment u/s 147. The Tribunal held that the AO acted on suspicion, not belief, of income escapement. Consequently, the addition to income was restricted to Rs. 2,38,000 instead of Rs. 18,91,000. The issue of the AO's disallowance under section 68 was not addressed due to the quashing of the reassessment order, resulting in the appeal of the assessee being allowed. en-us Wed, 14 Jun 2023 00:00:00 +0530 Sat, 17 Jun 2023 08:12:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439154 The Tribunal quashed the reassessment order as the AO failed to investigate the source of cash deposits, leading to the invalid reopening of assessment u/s 147. The Tribunal held that the AO acted on suspicion, not belief, of income escapement. Consequently, the addition to income was restricted to Rs. 2,38,000 instead of Rs. 18,91,000. The issue of the AO's disallowance under section 68 was not addressed due to the quashing of the reassessment order, resulting in the appeal of the assessee being allowed. Case-Laws Income Tax Wed, 14 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439154