https://www.taxtmi.com/caselaws?id=467123 Proceeds from sale of investments in the relevant year were held not to be taxable as unexplained credits because the assessee produced satisfactory explanations and contemporaneous records showing original funding from earlier share capital and share premium, banked sales and reconciliations, and no contrary corroborative material; therefore the unexplained credits standard was not met and no addition was warranted. Reassessment initiated on the basis of general and vague reasons was quashed for lack of a bona fide reason to believe: reopening requires cogent material and a direct nexus between discovered material and escapement of income, which was absent here. en-us Fri, 21 Feb 2025 00:00:00 +0530 Fri, 06 Mar 2026 20:54:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467123 Proceeds from sale of investments in the relevant year were held not to be taxable as unexplained credits because the assessee produced satisfactory explanations and contemporaneous records showing original funding from earlier share capital and share premium, banked sales and reconciliations, and no contrary corroborative material; therefore the unexplained credits standard was not met and no addition was warranted. Reassessment initiated on the basis of general and vague reasons was quashed for lack of a bona fide reason to believe: reopening requires cogent material and a direct nexus between discovered material and escapement of income, which was absent here. Case-Laws Income Tax Fri, 21 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467123