https://www.taxtmi.com/caselaws?id=777403 ITAT (Raipur) upheld reopening of assessment under section 147 read with 144B, finding fresh material from the investigation justified the belief and the sanction under section 151(2) valid. It held absence of a return filed in response to the section 148 notice meant issuance of notice under section 143(2) was not obligatory. Additions based on unexplained bank credits were sustained insofar as they warranted inquiry, but the matter was restored to the AO for verification; any estimation should follow the assessee's average gross-profit rate of the preceding three years and not be less than declared income. en-us Thu, 16 Jan 2025 00:00:00 +0530 Fri, 29 Aug 2025 08:56:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777403 ITAT (Raipur) upheld reopening of assessment under section 147 read with 144B, finding fresh material from the investigation justified the belief and the sanction under section 151(2) valid. It held absence of a return filed in response to the section 148 notice meant issuance of notice under section 143(2) was not obligatory. Additions based on unexplained bank credits were sustained insofar as they warranted inquiry, but the matter was restored to the AO for verification; any estimation should follow the assessee's average gross-profit rate of the preceding three years and not be less than declared income. Case-Laws Income Tax Thu, 16 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777403