https://www.taxtmi.com/caselaws?id=61716 Reassessment cannot rest solely on a Voluntary Disclosure of Income Scheme declaration and accompanying affidavit showing jewellery acquired in years other than the relevant assessment year. Where the available material does not independently indicate income escaping assessment for that year, it lacks the required live nexus with the Assessing Officer's belief. Reopening in such circumstances amounts to verification or investigation of existing information rather than action based on reason to believe that taxable income escaped assessment. Non-payment of tax on the disclosure does not itself establish escapement for a different assessment year. The reassessment was therefore treated as lacking a sustainable jurisdictional basis. en-us Wed, 19 Dec 2007 00:00:00 +0530 Mon, 23 Jul 2012 18:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61716 Reassessment cannot rest solely on a Voluntary Disclosure of Income Scheme declaration and accompanying affidavit showing jewellery acquired in years other than the relevant assessment year. Where the available material does not independently indicate income escaping assessment for that year, it lacks the required live nexus with the Assessing Officer's belief. Reopening in such circumstances amounts to verification or investigation of existing information rather than action based on reason to believe that taxable income escaped assessment. Non-payment of tax on the disclosure does not itself establish escapement for a different assessment year. The reassessment was therefore treated as lacking a sustainable jurisdictional basis. Case-Laws Income Tax Wed, 19 Dec 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61716