https://www.taxtmi.com/caselaws?id=779910 HC allowed the assessee's appeal against reopening under s.147, finding the AO's reasons contrary to the record. The assessee had explained cash deposits during the relevant year and demonetization period as business receipts in a rural petroleum trade and furnished bank statements, audited balance sheet and other details. The AO dismissed the explanation for lack of corroborative nexus without referring to the submitted evidence; the HC found this legally untenable and set aside the objection, allowing the appeal. en-us Tue, 07 Oct 2025 00:00:00 +0530 Wed, 15 Oct 2025 08:27:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779910 HC allowed the assessee's appeal against reopening under s.147, finding the AO's reasons contrary to the record. The assessee had explained cash deposits during the relevant year and demonetization period as business receipts in a rural petroleum trade and furnished bank statements, audited balance sheet and other details. The AO dismissed the explanation for lack of corroborative nexus without referring to the submitted evidence; the HC found this legally untenable and set aside the objection, allowing the appeal. Case-Laws Income Tax Tue, 07 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779910