AO issued s. 148A(b) notice for large cash deposits; assessee’s reply omitted quantum and source of deposits. High Court upheld reopening. Before Supreme Court, assessee sought withdrawal of SLP to approach High Court to correct factual errors; SLP dismissed as withdrawn. (AY. 2017-18)
Dhan Prakash Gupta v. Income-tax Dept. (2025) 303 Taxman 257 (SC) Editorial : Dhan Prakash Gupta v. Income-tax Dept (2025)170 taxmann.com 665 (Delhi)(HC)
S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-Cash credits-Large cash deposits-Inadequate explanation-Reassessment notice is held to be justified-SLP dismissed as withdrawn.[S.68, 148A(b),148A(d), Art. 136].
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