The ITAT held that the reopening of assessment u/s 147 based on ...

Cash deposits explained, reopening u/s 147 invalid: ITAT.

January 17, 2025

Case Laws Income Tax AT

The ITAT held that the reopening of assessment u/s 147 based on cash deposits during the year was invalid. The assessee demonstrated the source of cash deposits by proving withdrawal of Rs. 20 lakhs earlier, which was used for subsequent deposits from 28.10.2010 to 15.03.2011. Consequently, the ITAT allowed the assessee's grounds and deleted the addition made u/s 69A using the peak credit method.

View Source

← Previous Next →

The ITAT held that the reopening of assessment u/s 147 based on ...

Cash deposits explained, reopening u/s 147 invalid: ITAT.

January 17, 2025

Case Laws Income Tax AT

You may also like:

Validity of reopening the assessment u/s 147 - Additions u/s 68 and u/s 69A - Cash deposits in assessee’s bank account - The ITAT observed that, the AO was satisfied...

Reopening of assessment u/s 147 - additions of cash deposits - The Tribunal held that, the Assessing Officer has treated the cash deposit merely on the basis of human...

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:...

Validity of reassessment proceedings u/s 147/148 - Unexplained cash credit and application of section 115BB - The ITAT while upheld the reassessment proceedings sicne AO...

Review petition - Reopening of assessment u/s 147 - petitioner/assessee was a “non-filer” - cash deposit - It cannot be said that the notice under Section 148 of the Act...

The HC held that the Assessing Officer's (AO) reopening of assessment under Section 147 was invalid. The AO's notice under Section 148A(d) exceeded the scope of original...

The ITAT adjudicated on the following issues: 1. Cost of acquisition for computing long-term capital gains on sale of ancestral agricultural land: The assessee's...

ITAT quashed revisionary proceedings under section 263 initiated by PCIT regarding unexplained cash deposits. While assessee had deposited Rs. 16 lacs in multiple...

Unexplained money u/s 69A read with Section 115BBE(1) - no explanation regarding source of cash deposit in savings account - case selected for limited scrutiny, thus...

Deposits by the assessee in bank account during demonetization period were not unexplained. Section 69A is inapplicable as there were proper entries for cash sales, cash...

The ITAT held that once the AO found the issue of cash deposit into the assessee's bank account, for which reassessment proceedings were initiated u/s 147, was...

Additions against Cash deposits made during demonetization period in specified bank notes - assessee has been consistently holding huge cash balance which meets the...

Unexplained money u/s. 69A and levied tax u/s. 115BBE - the assessee has filed cash book explaining date wise receipts from various parties and deposited into bank...

Cash credit u/s 68 r.w.s. 115BBE - cash deposit during demonetization period - assessee's failure to maintain books of accounts u/s 44AD. Held that where exemption from...

The ITAT, an Appellate Tribunal, considered the penalty u/s 271AAA for unexplained cash found during a search. The AO rejected the assessee's submissions due to lack of...

Quick Updates: