https://www.taxtmi.com/caselaws?id=757536 The ITAT Pune held that reopening of assessment under section 147 was invalid as no addition was made for the original reason (cash deposits in bank account). Following Jet Airways precedent, the AO lacked jurisdiction to assess other income beyond the initial reasons for reopening. The tribunal directed deletion of the addition. Regarding section 56 addition, the assessee successfully proved the source of funds received from father as gift from matured fixed deposits. Since gifts from relatives are exempt under section 56(2)(vii) and the AO failed to contradict the assessee's evidence, the addition was held unsustainable. Appeal decided in favor of assessee. en-us Fri, 23 Aug 2024 00:00:00 +0530 Tue, 27 Aug 2024 12:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757536 The ITAT Pune held that reopening of assessment under section 147 was invalid as no addition was made for the original reason (cash deposits in bank account). Following Jet Airways precedent, the AO lacked jurisdiction to assess other income beyond the initial reasons for reopening. The tribunal directed deletion of the addition. Regarding section 56 addition, the assessee successfully proved the source of funds received from father as gift from matured fixed deposits. Since gifts from relatives are exempt under section 56(2)(vii) and the AO failed to contradict the assessee's evidence, the addition was held unsustainable. Appeal decided in favor of assessee. Case-Laws Income Tax Fri, 23 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757536