https://www.taxtmi.com/highlights?id=84757 The ITAT held that once the AO found the issue of cash deposit into the assessee's bank account, for which reassessment proceedings were initiated u/s 147, was satisfactorily explained, he lost jurisdiction to make any other additions or disallowances. As the reason for reopening the assessment did not subsist, the AO was required to pass a nil order and any further additions made were illegal. Consequently, the other disallowances u/ss 56 and 80P were held unlawful, and the assessee's appeal was allowed. en-us Fri, 10 Jan 2025 08:57:37 +0530 Fri, 10 Jan 2025 08:57:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=84757 The ITAT held that once the AO found the issue of cash deposit into the assessee's bank account, for which reassessment proceedings were initiated u/s 147, was satisfactorily explained, he lost jurisdiction to make any other additions or disallowances. As the reason for reopening the assessment did not subsist, the AO was required to pass a nil order and any further additions made were illegal. Consequently, the other disallowances u/ss 56 and 80P were held unlawful, and the assessee's appeal was allowed. Highlights Income Tax Fri, 10 Jan 2025 08:57:37 +0530 https://www.taxtmi.com/highlights?id=84757