https://www.taxtmi.com/caselaws?id=762531 ITAT Surat upheld reopening of assessment under Section 148 based on AIR information regarding substantial cash deposits in assessee's bank accounts. The tribunal rejected assessee's challenge to validity of reopening, finding sufficient tangible material existed. However, regarding additions under Sections 69 and 69A for unexplained money and investments, ITAT partially allowed assessee's appeal. Instead of treating entire bank transactions as income, tribunal applied 10% estimation on total cash credits of Rs. 43,99,215 and other credits of Rs. 1.70 lakh, considering this reasonable to prevent revenue leakage while acknowledging assessee's claimed cheque discounting business. en-us Fri, 29 Nov 2024 00:00:00 +0530 Mon, 02 Dec 2024 15:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762531 ITAT Surat upheld reopening of assessment under Section 148 based on AIR information regarding substantial cash deposits in assessee's bank accounts. The tribunal rejected assessee's challenge to validity of reopening, finding sufficient tangible material existed. However, regarding additions under Sections 69 and 69A for unexplained money and investments, ITAT partially allowed assessee's appeal. Instead of treating entire bank transactions as income, tribunal applied 10% estimation on total cash credits of Rs. 43,99,215 and other credits of Rs. 1.70 lakh, considering this reasonable to prevent revenue leakage while acknowledging assessee's claimed cheque discounting business. Case-Laws Income Tax Fri, 29 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762531