https://www.taxtmi.com/caselaws?id=773520 The Tribunal upheld the validity of assessment reopening under sections 147/148, finding that the AO properly recorded and served reasons based on discovery of an undisclosed bank account with cash credits of Rs. 8,38,580/-. The assessee's failure to seek reopening reasons during assessment proceedings did not invalidate the procedure. Regarding the quantum of addition, the Tribunal reduced the addition from CIT(A)'s 30% to 20% of total credits, determining Rs. 1,67,716/- as a reasonable estimate for unexplained cash credits under section 69. The Tribunal balanced the AO's full addition against the assessee's minimal estimate, concluding that 20% met the ends of justice. The appeal was partly allowed with the reduced addition sustained. en-us Thu, 19 Jun 2025 00:00:00 +0530 Tue, 24 Jun 2025 08:25:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773520 The Tribunal upheld the validity of assessment reopening under sections 147/148, finding that the AO properly recorded and served reasons based on discovery of an undisclosed bank account with cash credits of Rs. 8,38,580/-. The assessee's failure to seek reopening reasons during assessment proceedings did not invalidate the procedure. Regarding the quantum of addition, the Tribunal reduced the addition from CIT(A)'s 30% to 20% of total credits, determining Rs. 1,67,716/- as a reasonable estimate for unexplained cash credits under section 69. The Tribunal balanced the AO's full addition against the assessee's minimal estimate, concluding that 20% met the ends of justice. The appeal was partly allowed with the reduced addition sustained. Case-Laws Income Tax Thu, 19 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773520