https://www.taxtmi.com/caselaws?id=780300 ITAT DEHRADUN - AT set aside the reassessment, holding the notice issued u/s 148 invalid and the consequent reassessment order quashed. The AO reopened assessment based on loose papers found in a third party search alleging a cash loan of Rs.50 lakh, without recording satisfaction of escapement of income, without initiating penal proceedings or providing the sanction under s.151, and without furnishing reasons to the assessee. The Tribunal found the reopening vague and unsustainable, noting that receipt of a loan is not taxable where the lender's identity and creditworthiness are known. Grounds of the assessee allowed. en-us Fri, 26 Sep 2025 00:00:00 +0530 Tue, 28 Oct 2025 08:33:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=780300 ITAT DEHRADUN - AT set aside the reassessment, holding the notice issued u/s 148 invalid and the consequent reassessment order quashed. The AO reopened assessment based on loose papers found in a third party search alleging a cash loan of Rs.50 lakh, without recording satisfaction of escapement of income, without initiating penal proceedings or providing the sanction under s.151, and without furnishing reasons to the assessee. The Tribunal found the reopening vague and unsustainable, noting that receipt of a loan is not taxable where the lender's identity and creditworthiness are known. Grounds of the assessee allowed. Case-Laws Income Tax Fri, 26 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=780300