https://www.taxtmi.com/highlights?id=95327 Reopening under Sections 147/148 was challenged on the ground that the "reason to believe" was founded only on an allegation of "circuitous" related-party transactions reflected in an STR, without any tangible material showing income escaping assessment. The authority neither recorded any finding of cash exchange or money returning to the assessee nor doubted or examined the documentary evidence and explanations demonstrating full disclosure and justification of income. Since the formation of belief was unsupported by material and the assessee's submissions were not considered, the reopening proceedings were held unsustainable, and the notice and consequential order were quashed. - HC en-us Tue, 23 Dec 2025 07:59:05 +0530 Tue, 23 Dec 2025 07:59:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=95327 Reopening under Sections 147/148 was challenged on the ground that the "reason to believe" was founded only on an allegation of "circuitous" related-party transactions reflected in an STR, without any tangible material showing income escaping assessment. The authority neither recorded any finding of cash exchange or money returning to the assessee nor doubted or examined the documentary evidence and explanations demonstrating full disclosure and justification of income. Since the formation of belief was unsupported by material and the assessee's submissions were not considered, the reopening proceedings were held unsustainable, and the notice and consequential order were quashed. - HC Highlights Income Tax Tue, 23 Dec 2025 07:59:05 +0530 https://www.taxtmi.com/highlights?id=95327