https://www.taxtmi.com/caselaws?id=753600 The ITAT Indore upheld the validity of reopening assessment under section 147, rejecting the assessee's challenge. The AO received information from DDIT regarding unexplained bank deposits, which was sufficient to form belief of income escapement. The assessee failed to demonstrate lack of AO's independent consideration. Time-limitation objection was rejected due to TOLA 2020 extension. However, regarding addition under section 69A for cash deposits, the ITAT ruled in favor of the assessee. The deposits were properly recorded in audited books, year-end balances tallied with bank statements, and books weren't rejected under section 145(3). Revenue couldn't rebut the documentary evidence provided, making the addition unsustainable. en-us Mon, 15 Jan 2024 00:00:00 +0530 Wed, 05 Jun 2024 12:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753600 The ITAT Indore upheld the validity of reopening assessment under section 147, rejecting the assessee's challenge. The AO received information from DDIT regarding unexplained bank deposits, which was sufficient to form belief of income escapement. The assessee failed to demonstrate lack of AO's independent consideration. Time-limitation objection was rejected due to TOLA 2020 extension. However, regarding addition under section 69A for cash deposits, the ITAT ruled in favor of the assessee. The deposits were properly recorded in audited books, year-end balances tallied with bank statements, and books weren't rejected under section 145(3). Revenue couldn't rebut the documentary evidence provided, making the addition unsustainable. Case-Laws Income Tax Mon, 15 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753600