https://www.taxtmi.com/caselaws?id=775860 ITAT Pune upheld the reopening of assessment under section 147 within four years, finding the AO's reasons for reopening valid regarding cash deposits during demonetization. The tribunal accepted the assessee's explanation that the disputed Rs. 8,00,000 cash deposit arose from genuine cash sales, supported by consistent business records. However, the addition of estimated profit on suppressed purchases was deleted, as the AO erred in calculating suppressed purchases and the related addition of Rs. 13,07,642. The tribunal set aside the CIT(A)'s decision on this issue and allowed the assessee's ground challenging the addition. en-us Wed, 30 Jul 2025 00:00:00 +0530 Fri, 01 Aug 2025 08:15:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775860 ITAT Pune upheld the reopening of assessment under section 147 within four years, finding the AO's reasons for reopening valid regarding cash deposits during demonetization. The tribunal accepted the assessee's explanation that the disputed Rs. 8,00,000 cash deposit arose from genuine cash sales, supported by consistent business records. However, the addition of estimated profit on suppressed purchases was deleted, as the AO erred in calculating suppressed purchases and the related addition of Rs. 13,07,642. The tribunal set aside the CIT(A)'s decision on this issue and allowed the assessee's ground challenging the addition. Case-Laws Income Tax Wed, 30 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775860