https://www.taxtmi.com/caselaws?id=754315 The ITAT addressed the validity of assessment under s. 147 r.w.s. 143(3) of the IT Act, 1961, and the treatment of cash deposits as undisclosed income. The Tribunal dismissed the Assessee's challenge regarding the assessment's initiation, affirming the AO's belief of escaped income. However, it partly allowed the appeal by sustaining only Rs. 4,50,000 as undisclosed income, due to unexplained cash deposits, while acknowledging other deposits as likely sourced from prior withdrawals. The Tribunal's decision resulted in a partial allowance of the appeal, modifying the assessment to reflect only the unexplained amount as undisclosed income. en-us Wed, 10 Jan 2024 00:00:00 +0530 Thu, 20 Jun 2024 10:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754315 The ITAT addressed the validity of assessment under s. 147 r.w.s. 143(3) of the IT Act, 1961, and the treatment of cash deposits as undisclosed income. The Tribunal dismissed the Assessee's challenge regarding the assessment's initiation, affirming the AO's belief of escaped income. However, it partly allowed the appeal by sustaining only Rs. 4,50,000 as undisclosed income, due to unexplained cash deposits, while acknowledging other deposits as likely sourced from prior withdrawals. The Tribunal's decision resulted in a partial allowance of the appeal, modifying the assessment to reflect only the unexplained amount as undisclosed income. Case-Laws Income Tax Wed, 10 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754315