https://www.taxtmi.com/caselaws?id=273304 Reassessment under section 147 cannot be sustained on mere Investigation Wing information or borrowed satisfaction; the Assessing Officer must independently apply his mind to tangible material and record reasons showing a live nexus with the belief that income has escaped assessment. Because the recorded reasons did not explain the alleged bogus share capital or the connection of the entry provider with the assessee, the reopening lacked valid jurisdiction and the reassessment was void ab initio. en-us Fri, 15 Jul 2016 00:00:00 +0530 Fri, 15 Jun 2018 17:11:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273304 Reassessment under section 147 cannot be sustained on mere Investigation Wing information or borrowed satisfaction; the Assessing Officer must independently apply his mind to tangible material and record reasons showing a live nexus with the belief that income has escaped assessment. Because the recorded reasons did not explain the alleged bogus share capital or the connection of the entry provider with the assessee, the reopening lacked valid jurisdiction and the reassessment was void ab initio. Case-Laws Income Tax Fri, 15 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273304