https://www.taxtmi.com/caselaws?id=764444 ITAT Nagpur allowed the assessee's appeal against reopening of assessment under section 148 for unexplained investment under section 69. The tribunal held that the AO issued notice under section 148 merely based on information about cash deposit with Wasankar Group without proper verification or deriving valid belief of income escapement. The assessee provided reasonable explanation with documentary evidence including bank withdrawal details of Rs. 25 lakh over four years to explain the Rs. 15.50 lakh cash deposit. The tribunal found the reasons recorded for notice issuance were based on suspicion rather than valid belief, making the notice invalid and the consequent addition unjustified. en-us Wed, 08 Jan 2025 00:00:00 +0530 Fri, 10 Jan 2025 08:57:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764444 ITAT Nagpur allowed the assessee's appeal against reopening of assessment under section 148 for unexplained investment under section 69. The tribunal held that the AO issued notice under section 148 merely based on information about cash deposit with Wasankar Group without proper verification or deriving valid belief of income escapement. The assessee provided reasonable explanation with documentary evidence including bank withdrawal details of Rs. 25 lakh over four years to explain the Rs. 15.50 lakh cash deposit. The tribunal found the reasons recorded for notice issuance were based on suspicion rather than valid belief, making the notice invalid and the consequent addition unjustified. Case-Laws Income Tax Wed, 08 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764444