https://www.taxtmi.com/caselaws?id=449244 ITAT Raipur upheld the validity of reassessment proceedings under sections 147/148, finding sufficient reasons to believe income escaped assessment based on unexplained cash deposits flagged by DIT systems. However, the tribunal criticized the AO for rejecting the assessee's explanations regarding cash sources without proper verification of supporting documents or summoning relevant parties. The tribunal directed the AO to re-examine the matter by confronting parties to transactions that formed the basis of cash deposits, setting aside CIT(A)'s order for fresh adjudication while upholding reassessment jurisdiction. en-us Mon, 05 Feb 2024 00:00:00 +0530 Thu, 08 Feb 2024 13:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449244 ITAT Raipur upheld the validity of reassessment proceedings under sections 147/148, finding sufficient reasons to believe income escaped assessment based on unexplained cash deposits flagged by DIT systems. However, the tribunal criticized the AO for rejecting the assessee's explanations regarding cash sources without proper verification of supporting documents or summoning relevant parties. The tribunal directed the AO to re-examine the matter by confronting parties to transactions that formed the basis of cash deposits, setting aside CIT(A)'s order for fresh adjudication while upholding reassessment jurisdiction. Case-Laws Income Tax Mon, 05 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449244