https://www.taxtmi.com/caselaws?id=786661 Reassessment initiated after a section 148 notice is invalid where the subsequent satisfaction recorded under section 148A(d) rests on different factual grounds than those underlying the original notice and the assessee was not confronted with the new grounds, because natural justice requires opportunity to meet the revised basis. Separately, additions under section 68 as unexplained credits were deleted where the assessee produced share transfer deeds, confirmations, bank statements, audited financials and tax returns proving receipt through banking channels and the identity, genuineness and creditworthiness of counterparties, shifting the onus to revenue to prove fabrication or lack of creditworthiness. en-us Fri, 13 Feb 2026 00:00:00 +0530 Tue, 17 Feb 2026 07:29:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=786661 Reassessment initiated after a section 148 notice is invalid where the subsequent satisfaction recorded under section 148A(d) rests on different factual grounds than those underlying the original notice and the assessee was not confronted with the new grounds, because natural justice requires opportunity to meet the revised basis. Separately, additions under section 68 as unexplained credits were deleted where the assessee produced share transfer deeds, confirmations, bank statements, audited financials and tax returns proving receipt through banking channels and the identity, genuineness and creditworthiness of counterparties, shifting the onus to revenue to prove fabrication or lack of creditworthiness. Case-Laws Income Tax Fri, 13 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=786661