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Court Rules Against Reopening Assessment u/s 147 Due to Incorrect Facts and Unexplained Cash Deposits.

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....Reopening of assessment u/s 147 - unexplained cash deposits - the deposit in the bank account per se cannot be income of the assessee. It is mere suspicion of the assessing officer based on incorrect facts that income chargeable to tax has escaped assessment - reopening of the assessment and additions made both set aside - AT....

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Court Rules Against Reopening Assessment u/s 147 Due to Incorrect Facts and Unexplained Cash Deposits.