https://www.taxtmi.com/article/detailed?id=11272 The assessing authority issued a reassessment notice alleging sales to a shell entity, but the reasons recorded were vague and lacked material showing the purchaser was a sham. The authority had not independently applied its mind or conducted inquiry, and reopening must be judged on the reasons recorded which cannot be supplemented by affidavits or oral submissions. Accordingly, the statutory preconditions for initiating reassessment were not satisfied. en-us Sat, 01 Apr 2023 09:41:53 +0530 Sat, 01 Apr 2023 09:41:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=11272 The assessing authority issued a reassessment notice alleging sales to a shell entity, but the reasons recorded were vague and lacked material showing the purchaser was a sham. The authority had not independently applied its mind or conducted inquiry, and reopening must be judged on the reasons recorded which cannot be supplemented by affidavits or oral submissions. Accordingly, the statutory preconditions for initiating reassessment were not satisfied. Articles Income Tax Sat, 01 Apr 2023 09:41:53 +0530 https://www.taxtmi.com/article/detailed?id=11272