Validity of reopening of assessment u/s 147 - Unexplained cash ...

Income Tax

April 14, 2022

Validity of reopening of assessment u/s 147 - Unexplained cash deposit in the bank account - Apparently, the explanation given by the assessee has been rejected without assigning any reason. To our mind, if the assessee's explanation of having the opening cash in hand was to be disbelieved, there should have been cogent reasoning behind the same. - the lower authorities had no justifiable reason to make the addition - AT

View Source

← Previous Next →

Validity of reopening of assessment u/s 147 - Unexplained cash ...

Income Tax

April 14, 2022

You may also like:

Unexplained cash deposits in Bank account - The explanation given by assessee cannot be simply rejected when he states that he encashed the traveler cheques and...

Reopening of assessment u/s 147 - unexplained cash deposits - the deposit in the bank account per se cannot be income of the assessee. It is mere suspicion of the...

Reopening of assessment u/s 147 - Unexplained cash deposits - in the order-sheet, the assessee’s representative has accepted that the bank accounts wherein cash...

Addition on account of unexplained cash received from students and trainees - the cash deposited in the bank is fully accounted for and the addition made by the AO is ex-facie bad

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...

Reopening of assessment u/s 147 - unexplained cash credit - We fail to understand that without taking note of the quantum of income returned to tax, how could the AO...

Unexplained cash deposits in bank - receipt of rental deposits in cash - The fact remains that the cash rental deposits have been received by the assessee which is not...

Unexplained cash deposits in the bank account - The assessee was very selective in giving effective explanation and evidence before the AO despite adequate opportunities...

Validity of reopening of assessment - Absence of notice u/s 143(2) - non-issuance of notice shall not vitiate the assessment proceedings after due service of notice u/s 147 - HC

Validity of reopening of assessment - Information about huge cash deposit in the bank account - AO did not have any information about what kind of business assessee is...

Quick Updates: