https://www.taxtmi.com/caselaws?id=278281 Reassessment under section 147 read with section 148 was invalid because the reopening was based on Investigation Wing information without the Assessing Officer's independent application of mind or tangible material showing escapement of income. The additions treating credits as substantive income were also unsustainable because the assessee showed that the receipts were share sale proceeds and investments routed through identifiable brokers by banking channels, and no effective adverse material was confronted for cross-examination. In the absence of proof that the assessee retained ownership or that the credits were unexplained, the reassessment was quashed and the additions were deleted. en-us Fri, 22 Apr 2016 00:00:00 +0530 Wed, 23 Jan 2019 07:34:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278281 Reassessment under section 147 read with section 148 was invalid because the reopening was based on Investigation Wing information without the Assessing Officer's independent application of mind or tangible material showing escapement of income. The additions treating credits as substantive income were also unsustainable because the assessee showed that the receipts were share sale proceeds and investments routed through identifiable brokers by banking channels, and no effective adverse material was confronted for cross-examination. In the absence of proof that the assessee retained ownership or that the credits were unexplained, the reassessment was quashed and the additions were deleted. Case-Laws Income Tax Fri, 22 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278281