https://www.taxtmi.com/caselaws?id=449480 The ITAT Jaipur upheld the validity of reopening assessment under Section 148 based on AO's prima facie belief regarding property purchase, finding relevant material existed for reasonable belief formation. The tribunal allowed admission of additional evidence (affidavits) that CIT(A) had wrongly denied, ruling these were necessary for deciding the controversy. Regarding undisclosed income addition, the tribunal deleted the entire addition for property purchase, finding the assessee had adequately explained sources through past savings and third-party payments. For cash deposit addition of Rs. 5 lakhs, the tribunal partially allowed the appeal, sustaining addition of Rs. 2 lakhs while deleting Rs. 3 lakhs based on reasonable savings capacity. en-us Thu, 18 Jan 2024 00:00:00 +0530 Wed, 08 May 2024 17:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449480 The ITAT Jaipur upheld the validity of reopening assessment under Section 148 based on AO's prima facie belief regarding property purchase, finding relevant material existed for reasonable belief formation. The tribunal allowed admission of additional evidence (affidavits) that CIT(A) had wrongly denied, ruling these were necessary for deciding the controversy. Regarding undisclosed income addition, the tribunal deleted the entire addition for property purchase, finding the assessee had adequately explained sources through past savings and third-party payments. For cash deposit addition of Rs. 5 lakhs, the tribunal partially allowed the appeal, sustaining addition of Rs. 2 lakhs while deleting Rs. 3 lakhs based on reasonable savings capacity. Case-Laws Income Tax Thu, 18 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449480