https://www.taxtmi.com/caselaws?id=792198 Reassessment under Sections 147 and 148 was treated as valid because the bank deposits were not disclosed in the original return, reasons were recorded before notice, and the required approval was obtained, so no legal infirmity was found in the reopening. On the addition for cash deposits, the assessee had accepted business turnover and a profit rate of 12.7% for the relevant accounts; the disputed deposits were accordingly treated as business turnover to that extent, and the balance was recomputed on the same margin. The first appellate authority's restriction of the addition to 12.7% was sustained, and no interference was called for. en-us Wed, 29 Apr 2026 00:00:00 +0530 Mon, 25 May 2026 08:14:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792198 Reassessment under Sections 147 and 148 was treated as valid because the bank deposits were not disclosed in the original return, reasons were recorded before notice, and the required approval was obtained, so no legal infirmity was found in the reopening. On the addition for cash deposits, the assessee had accepted business turnover and a profit rate of 12.7% for the relevant accounts; the disputed deposits were accordingly treated as business turnover to that extent, and the balance was recomputed on the same margin. The first appellate authority's restriction of the addition to 12.7% was sustained, and no interference was called for. Case-Laws Income Tax Wed, 29 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792198