https://www.taxtmi.com/caselaws?id=770422 Reassessment under section 148 was sustained where the Assessing Officer had prima facie information of substantial cash deposits and the assessee failed to file a return or respond to statutory notices, making best judgment assessment under section 144 valid. However, the addition based on the cash deposits was not finally upheld because the assessee's explanation of dual PAN usage and supporting audit records had not been properly examined. The disputed addition was therefore remanded to the Assessing Officer for de novo verification, with the reassessment proceedings otherwise remaining undisturbed. en-us Thu, 01 May 2025 00:00:00 +0530 Sat, 10 May 2025 08:36:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770422 Reassessment under section 148 was sustained where the Assessing Officer had prima facie information of substantial cash deposits and the assessee failed to file a return or respond to statutory notices, making best judgment assessment under section 144 valid. However, the addition based on the cash deposits was not finally upheld because the assessee's explanation of dual PAN usage and supporting audit records had not been properly examined. The disputed addition was therefore remanded to the Assessing Officer for de novo verification, with the reassessment proceedings otherwise remaining undisturbed. Case-Laws Income Tax Thu, 01 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770422