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Reopening of assessment - source of the cash deposits post demonetization - AO in the reasons recorded has simply kept aside the assessee's explanation for the availability of cash on hand for deposit post demonetization. The reasons thus clearly lacked validity and proceeded on erroneous premise. - Notice for initiation of reassessment proceedings quashed.

Income Tax
September 14, 2018

Reopening of assessment - source of the cash deposits post demonetization - AO in the reasons recorded has simply kept aside the assessee's explanation for the availability of cash on hand for deposit post demonetization. The reasons thus clearly lacked validity and proceeded on erroneous premise. - Notice for initiation of reassessment proceedings quashed.

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