https://www.taxtmi.com/caselaws?id=794404 Unreported bank account transactions can justify reopening where the account and related entries were not disclosed in the return or balance sheet and the assessee later offered additional profit in response to section 148 notice. The reopening was therefore treated as valid. For taxability of the bank deposits, where credits were matched by corresponding cash withdrawals and reflected business-like turnover, only the profit element embedded in the routed transactions was treated as taxable, not the full credits. The addition was restricted accordingly, with set-off allowed for profit already offered by the assessee. en-us Mon, 29 Jun 2026 00:00:00 +0530 Sat, 04 Jul 2026 08:15:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794404 Unreported bank account transactions can justify reopening where the account and related entries were not disclosed in the return or balance sheet and the assessee later offered additional profit in response to section 148 notice. The reopening was therefore treated as valid. For taxability of the bank deposits, where credits were matched by corresponding cash withdrawals and reflected business-like turnover, only the profit element embedded in the routed transactions was treated as taxable, not the full credits. The addition was restricted accordingly, with set-off allowed for profit already offered by the assessee. Case-Laws Income Tax Mon, 29 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794404