https://www.taxtmi.com/caselaws?id=779898 ITAT (Mumbai-AT) upheld reopening and reassessment, holding that sworn statements under s.131 are reliable leads and that a third-party statement traced disputed cash deposits to the assessee, establishing nexus. The Tribunal found the AO applied mind to investigation material rather than adopting a borrowed satisfaction. As the assessee failed to explain the source of deposits and did not cooperate with notices, the burden to account rested on the assessee and additions were sustained. In the interest of substantial justice, the matter was remanded to the Ld. CIT(A) to afford the assessee one further opportunity to produce evidence. en-us Mon, 22 Sep 2025 00:00:00 +0530 Wed, 15 Oct 2025 08:27:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779898 ITAT (Mumbai-AT) upheld reopening and reassessment, holding that sworn statements under s.131 are reliable leads and that a third-party statement traced disputed cash deposits to the assessee, establishing nexus. The Tribunal found the AO applied mind to investigation material rather than adopting a borrowed satisfaction. As the assessee failed to explain the source of deposits and did not cooperate with notices, the burden to account rested on the assessee and additions were sustained. In the interest of substantial justice, the matter was remanded to the Ld. CIT(A) to afford the assessee one further opportunity to produce evidence. Case-Laws Income Tax Mon, 22 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779898