Reopening for cash deposit valid if assessee not offers any explanation

Sh. Avtar Singh Vs ITO (ITAT Amritsar) Introduction: The case of Sh. Avtar Singh vs ITO (ITAT Amritsar) centers around the dispute arising from the Assessing Officer’s decision to reopen the assessment. The core contention revolves around cash deposits in the bank account, with the taxpayer challenging the validity of the reassessment. Detailed Analysis: The Assessing Officer initiated the reassessment based on substantial cash deposits in the assessee’s bank account. Despite issuing verification letters seeking explanations, the assessee remained unresponsive. The lack of a satisf...