https://www.taxtmi.com/caselaws?id=462465 Reassessment under sections 147 and 148 of the Income-tax Act, 1961 cannot be initiated merely to verify transactions; a sustainable belief that income chargeable to tax has escaped assessment is required. Here, the Assessing Officer proceeded on verification of transactions rather than on a substantive jurisdictional basis, and the Revenue did not rebut that factual position. The ITAT Delhi held that such verification-driven reopening failed the legal threshold for valid reassessment and quashed the proceedings in favour of the assessee. en-us Thu, 21 Nov 2024 00:00:00 +0530 Tue, 24 Jun 2025 22:02:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462465 Reassessment under sections 147 and 148 of the Income-tax Act, 1961 cannot be initiated merely to verify transactions; a sustainable belief that income chargeable to tax has escaped assessment is required. Here, the Assessing Officer proceeded on verification of transactions rather than on a substantive jurisdictional basis, and the Revenue did not rebut that factual position. The ITAT Delhi held that such verification-driven reopening failed the legal threshold for valid reassessment and quashed the proceedings in favour of the assessee. Case-Laws Income Tax Thu, 21 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462465