https://www.taxtmi.com/caselaws?id=447863 Valid service of reassessment notice was treated as a jurisdictional requirement, but dispatch by registered post to the PAN address attracted the statutory presumption of service and the objection to reassessment jurisdiction therefore failed. On the cash-deposit issue, contemporaneous cash-flow material, banking-channel credits and withdrawals showed availability of funds for recycling; the explanation for opening cash and withdrawals was accepted in substance, and the peak-credit approach was found unsustainable on the facts. In the absence of rebuttal material showing diversion or alternative use of funds, the addition for unexplained cash deposits could not be maintained, resulting in partial relief to the assessee. en-us Fri, 29 Sep 2023 00:00:00 +0530 Tue, 23 Apr 2024 11:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447863 Valid service of reassessment notice was treated as a jurisdictional requirement, but dispatch by registered post to the PAN address attracted the statutory presumption of service and the objection to reassessment jurisdiction therefore failed. On the cash-deposit issue, contemporaneous cash-flow material, banking-channel credits and withdrawals showed availability of funds for recycling; the explanation for opening cash and withdrawals was accepted in substance, and the peak-credit approach was found unsustainable on the facts. In the absence of rebuttal material showing diversion or alternative use of funds, the addition for unexplained cash deposits could not be maintained, resulting in partial relief to the assessee. Case-Laws Income Tax Fri, 29 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447863