https://www.taxtmi.com/caselaws?id=764438 The ITAT Jaipur held that when an AO reopens assessment u/s 147 for cash deposits but finds the deposits are from genuine sources, the AO loses jurisdiction to make other additions. The AO examined cash deposits during proceedings and made no addition on this score, instead disallowing claims u/s 80P for interest income and surplus. The tribunal ruled that once the specific reason for reassessment (cash deposits) was found satisfactory, the AO had no jurisdiction to assess other concealment issues. Following jurisdictional HC precedent, the tribunal held all other disallowances/additions were illegal and allowed the assessee's appeal. 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=764438 The ITAT Jaipur held that when an AO reopens assessment u/s 147 for cash deposits but finds the deposits are from genuine sources, the AO loses jurisdiction to make other additions. The AO examined cash deposits during proceedings and made no addition on this score, instead disallowing claims u/s 80P for interest income and surplus. The tribunal ruled that once the specific reason for reassessment (cash deposits) was found satisfactory, the AO had no jurisdiction to assess other concealment issues. Following jurisdictional HC precedent, the tribunal held all other disallowances/additions were illegal and allowed the assessee's appeal. Case-Laws Income Tax Wed, 08 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764438