https://www.taxtmi.com/caselaws?id=765685 Reassessment under sections 147 and 148 may be sustained where the Assessing Officer has tangible information, such as bank data showing cash deposits, and the assessee does not respond to the reopening inquiry; in that situation, notice under section 148 can validly issue with prior approval. Where contemporaneous business records support the explanation that cash deposits represent trading receipts, the deposits may be treated as business turnover rather than unexplained money, and only the profit element can be brought to tax. If the supporting material is incomplete, the profit rate may be estimated on the facts, with the balance addition deleted. en-us Wed, 05 Feb 2025 00:00:00 +0530 Fri, 07 Feb 2025 08:38:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765685 Reassessment under sections 147 and 148 may be sustained where the Assessing Officer has tangible information, such as bank data showing cash deposits, and the assessee does not respond to the reopening inquiry; in that situation, notice under section 148 can validly issue with prior approval. Where contemporaneous business records support the explanation that cash deposits represent trading receipts, the deposits may be treated as business turnover rather than unexplained money, and only the profit element can be brought to tax. If the supporting material is incomplete, the profit rate may be estimated on the facts, with the balance addition deleted. Case-Laws Income Tax Wed, 05 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765685