https://www.taxtmi.com/caselaws?id=751222 ITAT Surat upheld the validity of assessment reopening under sections 147/148, rejecting the assessee's technical plea that no notice was issued under section 148, as the AO had clearly mentioned issuing the notice on 29.03.2019. The AO's reasons for reopening based on unexplained bank deposits were found valid, supported by tangible material. Regarding unexplained cash deposits, the tribunal accepted the assessee's partial explanation that deposits included redeposited withdrawn cash and agricultural income. The tribunal directed the AO to disallow only 10% of the balance amount instead of the entire deposit, deciding partly in favor of the assessee. en-us Mon, 08 Apr 2024 00:00:00 +0530 Wed, 10 Apr 2024 08:45:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751222 ITAT Surat upheld the validity of assessment reopening under sections 147/148, rejecting the assessee's technical plea that no notice was issued under section 148, as the AO had clearly mentioned issuing the notice on 29.03.2019. The AO's reasons for reopening based on unexplained bank deposits were found valid, supported by tangible material. Regarding unexplained cash deposits, the tribunal accepted the assessee's partial explanation that deposits included redeposited withdrawn cash and agricultural income. The tribunal directed the AO to disallow only 10% of the balance amount instead of the entire deposit, deciding partly in favor of the assessee. Case-Laws Income Tax Mon, 08 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751222