https://www.taxtmi.com/caselaws?id=776756 ITAT RAJKOT held the reassessment notice under s.147 was valid: AO need only have a reason to believe escapement of income and is not required to complete investigations before reopening. The CIT(A)'s confirmation of reopening was sustained. However, additions under s.68 for unexplained bank deposits were set aside and remanded to the AO for fresh examination of the reconciliation and supporting documentary evidence now offered by the assessee. Appeal allowed partly for statistical purposes. en-us Tue, 07 Jan 2025 00:00:00 +0530 Tue, 19 Aug 2025 08:38:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776756 ITAT RAJKOT held the reassessment notice under s.147 was valid: AO need only have a reason to believe escapement of income and is not required to complete investigations before reopening. The CIT(A)'s confirmation of reopening was sustained. However, additions under s.68 for unexplained bank deposits were set aside and remanded to the AO for fresh examination of the reconciliation and supporting documentary evidence now offered by the assessee. Appeal allowed partly for statistical purposes. Case-Laws Income Tax Tue, 07 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776756