Reopening u/s. 147 justified as third party statement is substantiated with tangible material

Jatin Harish Sotta Vs ITO (ITAT Mumbai) ITAT Mumbai held that reopening of assessment under section 147 of the Income Tax Act on the basis of third party statement substantiated with tangible material is justifiable. Accordingly, matter restored back to CIT(A) with liberty to assessee to place supporting documents explaining source of cash deposits. Facts- Based on some tangible information, the Assessing Officer recorded reasons to believe that income chargeable to tax had escaped assessment, and accordingly issued notice u/s. 148 on 31.03.2019. No return was filed in response, nor were repe...