https://www.taxtmi.com/caselaws?id=180355 Reassessment under section 148 requires valid recording of reasons based on relevant material and lawful service of notice; here the recorded belief of escapement was supported, but service on the assessee's wife without the conditions for substituted service was invalid, so the reassessment lacked jurisdiction. The addition as income from undisclosed sources was not sustained where documentary evidence showed purchase, transfer, holding and sale of shares through a registered broker; the transactions were treated as genuine share dealings, with the sale proceeds recognised as capital gains rather than unexplained income. en-us Wed, 30 Apr 2008 00:00:00 +0530 Sat, 16 Dec 2023 11:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180355 Reassessment under section 148 requires valid recording of reasons based on relevant material and lawful service of notice; here the recorded belief of escapement was supported, but service on the assessee's wife without the conditions for substituted service was invalid, so the reassessment lacked jurisdiction. The addition as income from undisclosed sources was not sustained where documentary evidence showed purchase, transfer, holding and sale of shares through a registered broker; the transactions were treated as genuine share dealings, with the sale proceeds recognised as capital gains rather than unexplained income. Case-Laws Income Tax Wed, 30 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180355