https://www.taxtmi.com/caselaws?id=195205 Reopening of a completed assessment under sections 147 and 148 requires recorded reasons to disclose prima facie material showing a rational nexus and live link with escapement of income. A mere suspicion, suggestion that capital gains may not have been offered, or a proposal to verify the return is insufficient, because the reasons themselves must show more than a possibility of enquiry and cannot be supplemented later. On the stated reasoning, the recorded reasons did not establish escapement of income, but only indicated further investigation. The reassessment proceedings were therefore quashed in favour of the assessee. en-us Tue, 31 May 2016 00:00:00 +0530 Mon, 23 Oct 2017 08:17:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195205 Reopening of a completed assessment under sections 147 and 148 requires recorded reasons to disclose prima facie material showing a rational nexus and live link with escapement of income. A mere suspicion, suggestion that capital gains may not have been offered, or a proposal to verify the return is insufficient, because the reasons themselves must show more than a possibility of enquiry and cannot be supplemented later. On the stated reasoning, the recorded reasons did not establish escapement of income, but only indicated further investigation. The reassessment proceedings were therefore quashed in favour of the assessee. Case-Laws Income Tax Tue, 31 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195205