https://www.taxtmi.com/caselaws?id=782039 ITAT Rajkot held that the reopening of assessment under sections 147/148 based solely on cash deposits in a savings bank account was invalid. The Tribunal noted that the facts were identical to those in an earlier ITAT Rajkot decision, where similar reassessment proceedings were quashed. Following that precedent, ITAT concluded that the AO lacked valid reason to believe that income had escaped assessment merely from such deposits, absent further material or inquiry. Consequently, the reassessment proceedings were held bad in law, and the assessee's appeal was allowed, setting aside the reopened assessment. en-us Mon, 17 Nov 2025 00:00:00 +0530 Mon, 24 Nov 2025 08:57:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=782039 ITAT Rajkot held that the reopening of assessment under sections 147/148 based solely on cash deposits in a savings bank account was invalid. The Tribunal noted that the facts were identical to those in an earlier ITAT Rajkot decision, where similar reassessment proceedings were quashed. Following that precedent, ITAT concluded that the AO lacked valid reason to believe that income had escaped assessment merely from such deposits, absent further material or inquiry. Consequently, the reassessment proceedings were held bad in law, and the assessee's appeal was allowed, setting aside the reopened assessment. Case-Laws Income Tax Mon, 17 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=782039