https://www.taxtmi.com/caselaws?id=784782 Reopening under s.147 was examined on whether the recorded reasons disclosed a live link between alleged discrepancies and escapement of income. The ITAT held the reasons were speculative and failed to establish a direct nexus; further, the reassessment was initiated on an alleged land purchase but the AO made an addition under s.68 on unsecured credits, showing lack of alignment with the recorded reasons. Accordingly, the reassessment was held invalid and quashed. On the s.68 addition, the assessee discharged the statutory onus by producing relevant documentary evidence establishing the credit and also repaid the loan; therefore, the unexplained cash credit addition, as sustained by the CIT(A), was deleted. en-us Wed, 26 Nov 2025 00:00:00 +0530 Mon, 12 Jan 2026 09:31:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=784782 Reopening under s.147 was examined on whether the recorded reasons disclosed a live link between alleged discrepancies and escapement of income. The ITAT held the reasons were speculative and failed to establish a direct nexus; further, the reassessment was initiated on an alleged land purchase but the AO made an addition under s.68 on unsecured credits, showing lack of alignment with the recorded reasons. Accordingly, the reassessment was held invalid and quashed. On the s.68 addition, the assessee discharged the statutory onus by producing relevant documentary evidence establishing the credit and also repaid the loan; therefore, the unexplained cash credit addition, as sustained by the CIT(A), was deleted. Case-Laws Income Tax Wed, 26 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=784782