https://www.taxtmi.com/caselaws?id=458400 An order under section 148A(d) of the Income-tax Act is unsustainable where the assessee's explanation and supporting material are not examined. Here, the assessee explained that the transaction was an unsecured loan from an NBFC, repaid with interest in the same year, and produced ledger and balance confirmation. The order merely stated that the alleged escaped income was not substantiated, without dealing with the explanation or evidence, showing non-application of mind. In the absence of material contradicting the assessee's case, the precondition for reassessment was not met, and initiation of proceedings under section 148 was unjustified. en-us Mon, 08 Jan 2024 00:00:00 +0530 Thu, 24 Oct 2024 19:42:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458400 An order under section 148A(d) of the Income-tax Act is unsustainable where the assessee's explanation and supporting material are not examined. Here, the assessee explained that the transaction was an unsecured loan from an NBFC, repaid with interest in the same year, and produced ledger and balance confirmation. The order merely stated that the alleged escaped income was not substantiated, without dealing with the explanation or evidence, showing non-application of mind. In the absence of material contradicting the assessee's case, the precondition for reassessment was not met, and initiation of proceedings under section 148 was unjustified. Case-Laws Income Tax Mon, 08 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458400