https://www.taxtmi.com/caselaws?id=777962 Reopening under sections 148A(d) and 148 of the Income-tax Act was held unsustainable where the revenue relied on cash deposits during demonetisation but did not establish any foundational fact linking them to escapement of income. The assessee had already furnished audited books, cash book, bank statements and replies showing that the deposits were supported by existing business cash balance. A reassessment cannot be initiated on a general assumption that a prudent businessperson would not retain large cash; the material must show a live nexus with prima facie escapement and satisfy jurisdictional preconditions. On that basis, the reassessment proceedings failed in favour of the assessee. en-us Mon, 25 Aug 2025 00:00:00 +0530 Mon, 08 Sep 2025 13:37:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=777962 Reopening under sections 148A(d) and 148 of the Income-tax Act was held unsustainable where the revenue relied on cash deposits during demonetisation but did not establish any foundational fact linking them to escapement of income. The assessee had already furnished audited books, cash book, bank statements and replies showing that the deposits were supported by existing business cash balance. A reassessment cannot be initiated on a general assumption that a prudent businessperson would not retain large cash; the material must show a live nexus with prima facie escapement and satisfy jurisdictional preconditions. On that basis, the reassessment proceedings failed in favour of the assessee. Case-Laws Income Tax Mon, 25 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=777962