https://www.taxtmi.com/caselaws?id=764103 ITAT Ahmedabad held reassessment proceedings invalid where unexplained bank deposits formed the basis for reopening. The assessee had disclosed rental income transactions through a joint bank account originally opened in minor child's name. CIT(A) deleted the addition after finding deposits were properly disclosed in the return. Since the primary reason for reassessment was deleted by CIT(A), the entire reassessment proceedings collapsed as legally unsustainable. The tribunal ruled the reassessment invalid, citing precedents that when foundational grounds for reopening are removed, subsequent proceedings cannot stand. Appeal decided in favor of assessee. en-us Fri, 20 Dec 2024 00:00:00 +0530 Fri, 03 Jan 2025 08:45:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764103 ITAT Ahmedabad held reassessment proceedings invalid where unexplained bank deposits formed the basis for reopening. The assessee had disclosed rental income transactions through a joint bank account originally opened in minor child's name. CIT(A) deleted the addition after finding deposits were properly disclosed in the return. Since the primary reason for reassessment was deleted by CIT(A), the entire reassessment proceedings collapsed as legally unsustainable. The tribunal ruled the reassessment invalid, citing precedents that when foundational grounds for reopening are removed, subsequent proceedings cannot stand. Appeal decided in favor of assessee. Case-Laws Income Tax Fri, 20 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764103