https://www.taxtmi.com/caselaws?id=445052 ITAT Surat upheld reassessment proceedings under section 147 where assessee failed to file return despite notice under section 148 and made substantial cash deposits disproportionate to previously declared meager income. The tribunal found sufficient reason to believe income escaped assessment based on non-filing of returns and unexplained cash deposits exceeding past declared income levels. However, regarding cash deposit additions, ITAT directed AO to consider peak credit method rather than treating entire credit entries as income, following established precedents. The appeal was partly allowed with directions for partial addition based on unexplained credits. en-us Thu, 26 Oct 2023 00:00:00 +0530 Mon, 30 Oct 2023 08:50:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445052 ITAT Surat upheld reassessment proceedings under section 147 where assessee failed to file return despite notice under section 148 and made substantial cash deposits disproportionate to previously declared meager income. The tribunal found sufficient reason to believe income escaped assessment based on non-filing of returns and unexplained cash deposits exceeding past declared income levels. However, regarding cash deposit additions, ITAT directed AO to consider peak credit method rather than treating entire credit entries as income, following established precedents. The appeal was partly allowed with directions for partial addition based on unexplained credits. Case-Laws Income Tax Thu, 26 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445052