https://www.taxtmi.com/highlights?id=74735 Validity of reassessment proceedings u/s 147/148 - Unexplained cash credit and application of section 115BB - The ITAT while upheld the reassessment proceedings sicne AO had sufficient basis to form a belief of income escapement, based on non-explanation of cash deposits. However, the ITAT observed that before rejecting the assessee’s explanations as fabricated or invalid, it was necessary to examine the concerned parties to the agreement. Therefore, the ITAT remanded the issue back to the AO for fresh adjudication. en-us Thu, 08 Feb 2024 12:56:48 +0530 Thu, 08 Feb 2024 12:56:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=74735 Validity of reassessment proceedings u/s 147/148 - Unexplained cash credit and application of section 115BB - The ITAT while upheld the reassessment proceedings sicne AO had sufficient basis to form a belief of income escapement, based on non-explanation of cash deposits. However, the ITAT observed that before rejecting the assessee’s explanations as fabricated or invalid, it was necessary to examine the concerned parties to the agreement. Therefore, the ITAT remanded the issue back to the AO for fresh adjudication. Highlights Income Tax Thu, 08 Feb 2024 12:56:48 +0530 https://www.taxtmi.com/highlights?id=74735