https://www.taxtmi.com/caselaws?id=467215 Reassessment under sections 147 and 148 was found unsustainable where the recorded reasons were vague, factually incomplete, and merely reproduced third-party information from the Investigation Wing without independent application of mind, indicating borrowed satisfaction and no live nexus for jurisdiction. On the section 68 issue, additional evidence was directed to be admitted under rule 46A where sufficient cause was shown, with the matter restored for de novo examination so the Assessing Officer could verify the material after due opportunity. The document also notes that the reassessment notices and consequential orders were quashed, while the share application money addition was remanded for fresh adjudication. en-us Tue, 17 Oct 2023 00:00:00 +0530 Tue, 10 Mar 2026 23:34:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467215 Reassessment under sections 147 and 148 was found unsustainable where the recorded reasons were vague, factually incomplete, and merely reproduced third-party information from the Investigation Wing without independent application of mind, indicating borrowed satisfaction and no live nexus for jurisdiction. On the section 68 issue, additional evidence was directed to be admitted under rule 46A where sufficient cause was shown, with the matter restored for de novo examination so the Assessing Officer could verify the material after due opportunity. The document also notes that the reassessment notices and consequential orders were quashed, while the share application money addition was remanded for fresh adjudication. Case-Laws Income Tax Tue, 17 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467215