Taxpayer's Undisclosed Cash Deposits Lead to Reassessment; Case Remanded for Further Review of Peak Cash Credits.

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....The case pertains to the reopening of assessment u/s 147/148 of the Income Tax Act due to undisclosed cash deposits in the assessee's bank accounts. The key points are: The Assessing Officer (AO) had sufficient information to believe that the assessee's income had escaped assessment, justifying reopening u/s 147. The existence of tangible material forming the AO's belief is relevant, not its sufficiency at the reopening stage. The assessee did not file a return of income or participate in the reassessment proceedings. The assessee failed to explain the source of cash deposits. The Tribunal admitted additional evidence filed by the assessee regarding peak cash credits, requiring verification by lower authorities. The matter was remanded to t.........