https://www.taxtmi.com/highlights?id=60481 Reopening of assessment u/s 147 - Transfer of case u/s 127 - There is no nexus between the material coming to the notice of the AO and the formation of his belief that there has been escapement of income. The amount in the bank account with HSBC Geneva is not relating to the assessment years under consideration. Hence, the very basis for assuming jurisdiction is not factually correct, no reasonable belief can be formed based on such incorrect facts. - AT en-us Sat, 13 Nov 2021 20:48:40 +0530 Sat, 13 Nov 2021 20:48:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=60481 Reopening of assessment u/s 147 - Transfer of case u/s 127 - There is no nexus between the material coming to the notice of the AO and the formation of his belief that there has been escapement of income. The amount in the bank account with HSBC Geneva is not relating to the assessment years under consideration. Hence, the very basis for assuming jurisdiction is not factually correct, no reasonable belief can be formed based on such incorrect facts. - AT Highlights Income Tax Sat, 13 Nov 2021 20:48:40 +0530 https://www.taxtmi.com/highlights?id=60481