https://www.taxtmi.com/caselaws?id=770436 ITAT Mumbai-AT partly allowed assessee's appeal in reopening proceedings under section 147. The assessee, engaged in two-wheeler repairs, faced addition under section 68 for unexplained cash deposits. ITAT held that since gross receipts were not disputed by AO or CIT(A), and assessee declared revised gross receipts with tax paid, cash deposits were from business receipts making section 68 addition unsustainable. However, ITAT dismissed challenge to reopening proceedings as AO had sufficient information suggesting income escape, and assessee offered undisclosed amounts for taxation without initially objecting to reopening. en-us Thu, 08 May 2025 00:00:00 +0530 Sat, 10 May 2025 08:36:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770436 ITAT Mumbai-AT partly allowed assessee's appeal in reopening proceedings under section 147. The assessee, engaged in two-wheeler repairs, faced addition under section 68 for unexplained cash deposits. ITAT held that since gross receipts were not disputed by AO or CIT(A), and assessee declared revised gross receipts with tax paid, cash deposits were from business receipts making section 68 addition unsustainable. However, ITAT dismissed challenge to reopening proceedings as AO had sufficient information suggesting income escape, and assessee offered undisclosed amounts for taxation without initially objecting to reopening. Case-Laws Income Tax Thu, 08 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770436