Court Reopens Assessment u/s 147 Due to Unexplained Cash Deposits; Petitioner's Business Transaction Claim Rejected.

Reopening of assessment u/s 147 - unexplained cash deposits - Incidentally, a vague statement is made that the cash deposits were in the course of usual business transaction. In the absence of any return of income filed by the petitioner, such a statement cannot be countenanced or accepted. - HC .....

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