https://www.taxtmi.com/caselaws?id=312387 The ITAT Lucknow held that reopening of assessment based on AIR information regarding unexplained cash deposits in assessee's savings bank account was invalid. Following precedent in Bir Bahadur Singh Sijwali case, the Tribunal ruled that mere cash deposits do not indicate escaped income, as deposit sources need not necessarily constitute assessee's income. The AO's reasons were insufficient to form belief of income escapement, constituting only suspicion rather than requisite belief for issuing notice under section 148. The reasons were deemed vague and inadequate. Consequently, all subsequent proceedings were annulled and cancelled, with the assessee's appeal being allowed. en-us Fri, 30 Nov 2018 00:00:00 +0530 Thu, 15 Feb 2024 05:29:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312387 The ITAT Lucknow held that reopening of assessment based on AIR information regarding unexplained cash deposits in assessee's savings bank account was invalid. Following precedent in Bir Bahadur Singh Sijwali case, the Tribunal ruled that mere cash deposits do not indicate escaped income, as deposit sources need not necessarily constitute assessee's income. The AO's reasons were insufficient to form belief of income escapement, constituting only suspicion rather than requisite belief for issuing notice under section 148. The reasons were deemed vague and inadequate. Consequently, all subsequent proceedings were annulled and cancelled, with the assessee's appeal being allowed. Case-Laws Income Tax Fri, 30 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312387