https://www.taxtmi.com/caselaws?id=466891 Whether the Assessing Officer validly assumed jurisdiction under Section 147 by reopening AY 2015-16 on alleged bogus purchases was examined: the reassessment followed a search under Section 132 and notice under Section 148, but the assessee produced ledger entries, bills, confirmations, stock records and bank payments showing payments related to earlier years and no purchases debited in the relevant year. The Tribunal found the reopening rested on an incorrect factual premise, vitiating the reasonable belief required for reopening under Section 147; consequently reassessment was quashed as void ab initio. en-us Wed, 09 Apr 2025 00:00:00 +0530 Tue, 24 Feb 2026 21:08:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466891 Whether the Assessing Officer validly assumed jurisdiction under Section 147 by reopening AY 2015-16 on alleged bogus purchases was examined: the reassessment followed a search under Section 132 and notice under Section 148, but the assessee produced ledger entries, bills, confirmations, stock records and bank payments showing payments related to earlier years and no purchases debited in the relevant year. The Tribunal found the reopening rested on an incorrect factual premise, vitiating the reasonable belief required for reopening under Section 147; consequently reassessment was quashed as void ab initio. Case-Laws Income Tax Wed, 09 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466891