https://www.taxtmi.com/caselaws?id=753803 ITAT Hyderabad allowed assessee's appeal partly in a case involving reopening of assessment under section 147 for unexplained cash deposits. The assessee had filed returns for subsequent years showing income from proprietary concern but failed to appear before AO with requisite details regarding deposit sources. AO passed order under section 144 treating entire deposits as unexplained income under section 69A. ITAT, considering that assessee had ceased business and joined government service, directed AO to restrict addition to 15% of total cash deposits as business income taxable at normal rates, deleting balance addition. en-us Fri, 19 Jan 2024 00:00:00 +0530 Tue, 11 Jun 2024 07:56:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753803 ITAT Hyderabad allowed assessee's appeal partly in a case involving reopening of assessment under section 147 for unexplained cash deposits. The assessee had filed returns for subsequent years showing income from proprietary concern but failed to appear before AO with requisite details regarding deposit sources. AO passed order under section 144 treating entire deposits as unexplained income under section 69A. ITAT, considering that assessee had ceased business and joined government service, directed AO to restrict addition to 15% of total cash deposits as business income taxable at normal rates, deleting balance addition. Case-Laws Income Tax Fri, 19 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753803