https://www.taxtmi.com/caselaws?id=444808 The ITAT Raipur upheld the validity of reopening assessment under Section 147, rejecting the assessee's challenge to the notice under Section 148. The tribunal found that the AO had sufficient basis to believe income escaped assessment, as the assessee made cash deposits in a bank account and earned interest income but failed to file returns. The addition under Section 69 was sustained since the assessee provided no explanation for the cash deposits or interest income, constituting unexplained investment. The appeal was decided against the assessee. en-us Thu, 19 Oct 2023 00:00:00 +0530 Mon, 23 Oct 2023 08:46:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444808 The ITAT Raipur upheld the validity of reopening assessment under Section 147, rejecting the assessee's challenge to the notice under Section 148. The tribunal found that the AO had sufficient basis to believe income escaped assessment, as the assessee made cash deposits in a bank account and earned interest income but failed to file returns. The addition under Section 69 was sustained since the assessee provided no explanation for the cash deposits or interest income, constituting unexplained investment. The appeal was decided against the assessee. Case-Laws Income Tax Thu, 19 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444808