https://www.taxtmi.com/caselaws?id=444621 The Tribunal quashed the reassessment proceedings, ruling that the reopening of the assessment under Section 147 was invalid due to lack of proper enquiry and tangible material. The Tribunal found that the Assessing Officer relied solely on AIR Information without independent verification. Additionally, the Tribunal deemed the Rs. 10 lakh addition for cash deposits unjustified, as the gifts from the assessee's in-laws were substantiated with confirmations and affidavits. The appeal was allowed, and the order was pronounced on 16/10/2023. en-us Mon, 16 Oct 2023 00:00:00 +0530 Thu, 19 Oct 2023 09:37:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444621 The Tribunal quashed the reassessment proceedings, ruling that the reopening of the assessment under Section 147 was invalid due to lack of proper enquiry and tangible material. The Tribunal found that the Assessing Officer relied solely on AIR Information without independent verification. Additionally, the Tribunal deemed the Rs. 10 lakh addition for cash deposits unjustified, as the gifts from the assessee's in-laws were substantiated with confirmations and affidavits. The appeal was allowed, and the order was pronounced on 16/10/2023. Case-Laws Income Tax Mon, 16 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444621