https://www.taxtmi.com/caselaws?id=778636 ITAT JAIPUR - AT held that reopening under s.147 and treating sale proceeds as unexplained cash credit u/s 68 was unjustified. The assessee produced unrebutted evidence showing genuine sales and receipt through banking channels; the AO failed to bring contrary evidence. The buyer's non-filing of return may raise suspicion but does not, by itself, justify formation of belief that the assessee's income escaped assessment. Reopening amounted to a change of opinion and suffered legal infirmity; the reassessment was quashed and the assessee's ground allowed. en-us Mon, 15 Sep 2025 00:00:00 +0530 Fri, 19 Sep 2025 08:33:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778636 ITAT JAIPUR - AT held that reopening under s.147 and treating sale proceeds as unexplained cash credit u/s 68 was unjustified. The assessee produced unrebutted evidence showing genuine sales and receipt through banking channels; the AO failed to bring contrary evidence. The buyer's non-filing of return may raise suspicion but does not, by itself, justify formation of belief that the assessee's income escaped assessment. Reopening amounted to a change of opinion and suffered legal infirmity; the reassessment was quashed and the assessee's ground allowed. Case-Laws Income Tax Mon, 15 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778636