Reopening of assessment u/s 147/148 - reasons to believe - The ...

Tribunal Upholds Reopening of Assessment; Grants Partial Relief with 10% Disallowance for Fairness.

April 10, 2024

Case Laws Income Tax AT

Reopening of assessment u/s 147/148 - reasons to believe - The Tribunal upheld the validity of the reopening, considering the reasons recorded by the Assessing Officer as based on tangible material. While the assessee failed to provide satisfactory evidence to explain the cash deposits, the Tribunal allowed partial relief by directing a 10% disallowance of the balance amount of the addition. The Tribunal's decision aimed at ensuring fairness and justice, taking into account the circumstances of the case.

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Reopening of assessment u/s 147/148 - reasons to believe - The ...

Tribunal Upholds Reopening of Assessment; Grants Partial Relief with 10% Disallowance for Fairness.

April 10, 2024

Case Laws Income Tax AT

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