https://www.taxtmi.com/caselaws?id=466182 Validity of reassessment proceedings premised on alleged unexplained out-of-books cash transactions unearthed during search and seizure was examined, with focus on whether the assessing officer formed independent satisfaction under section 147 or relied on borrowed opinion from investigation. The tribunal found that additions were founded on information and presumptive inferences without cogent independent inquiries or corroborative material, rendering the evidentiary basis insufficient; consequently, the appellate authoritys deletion of the additions was upheld as the additions lacked plausible reasonings and substantive proof. en-us Fri, 07 Feb 2025 00:00:00 +0530 Wed, 28 Jan 2026 13:57:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466182 Validity of reassessment proceedings premised on alleged unexplained out-of-books cash transactions unearthed during search and seizure was examined, with focus on whether the assessing officer formed independent satisfaction under section 147 or relied on borrowed opinion from investigation. The tribunal found that additions were founded on information and presumptive inferences without cogent independent inquiries or corroborative material, rendering the evidentiary basis insufficient; consequently, the appellate authoritys deletion of the additions was upheld as the additions lacked plausible reasonings and substantive proof. Case-Laws Income Tax Fri, 07 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466182