https://www.taxtmi.com/caselaws?id=267319 Reassessment under section 147 requires a bona fide reason to believe, supported by tangible material with a live nexus to alleged income escapement. The Tribunal found the reopening was based on information said to have come from the Enforcement Directorate, but the recorded reasons showed the cash transactions were already reflected in the books and the adverse material on non-disclosure and lack of explanation was vague and uncorroborated. On that basis, the reassessment was quashed for want of valid material. en-us Wed, 22 Oct 2014 00:00:00 +0530 Wed, 04 Nov 2015 09:45:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267319 Reassessment under section 147 requires a bona fide reason to believe, supported by tangible material with a live nexus to alleged income escapement. The Tribunal found the reopening was based on information said to have come from the Enforcement Directorate, but the recorded reasons showed the cash transactions were already reflected in the books and the adverse material on non-disclosure and lack of explanation was vague and uncorroborated. On that basis, the reassessment was quashed for want of valid material. Case-Laws Income Tax Wed, 22 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267319