https://www.taxtmi.com/caselaws?id=784616 The dominant issue was whether a reassessment notice under s.148 (post-01.04.2021) was invalid for absence of material beyond a third-party excel sheet showing the assessee's name against an alleged cash transaction. The HC held that the material relied upon by the AO was sufficient to infer escapement of income for the relevant AY, and observed that the amended s.148 does not require recording "reasons to believe", much less possession of information or evidence in the manner contended. The Court further held that the assessee could rebut the allegation before the competent authority by showing error or lack of nexus. The writ petition was dismissed. en-us Mon, 05 Jan 2026 00:00:00 +0530 Thu, 08 Jan 2026 08:22:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=784616 The dominant issue was whether a reassessment notice under s.148 (post-01.04.2021) was invalid for absence of material beyond a third-party excel sheet showing the assessee's name against an alleged cash transaction. The HC held that the material relied upon by the AO was sufficient to infer escapement of income for the relevant AY, and observed that the amended s.148 does not require recording "reasons to believe", much less possession of information or evidence in the manner contended. The Court further held that the assessee could rebut the allegation before the competent authority by showing error or lack of nexus. The writ petition was dismissed. Case-Laws Income Tax Mon, 05 Jan 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=784616