https://www.taxtmi.com/caselaws?id=758809 ITAT Delhi quashed reassessment proceedings under sections 143(3) and 147. The AO initiated reassessment based on information about cash deposits of Rs. 10 lakhs or more in assessee's savings account. However, the recorded reasons were found general and vague, failing to specify exact deposit amount, bank name, account number, or transaction date. The tribunal held that AO lacked credible information to form belief that income escaped assessment, as reasons did not contain specific details necessary for valid reassessment. The assessee's appeal was allowed and reassessment was quashed. en-us Tue, 10 Sep 2024 00:00:00 +0530 Wed, 18 Sep 2024 09:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758809 ITAT Delhi quashed reassessment proceedings under sections 143(3) and 147. The AO initiated reassessment based on information about cash deposits of Rs. 10 lakhs or more in assessee's savings account. However, the recorded reasons were found general and vague, failing to specify exact deposit amount, bank name, account number, or transaction date. The tribunal held that AO lacked credible information to form belief that income escaped assessment, as reasons did not contain specific details necessary for valid reassessment. The assessee's appeal was allowed and reassessment was quashed. Case-Laws Income Tax Tue, 10 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758809