https://www.taxtmi.com/caselaws?id=787867 Reassessment initiated under Section 147 read with Section 144B was quashed to the extent additions exceeded the specific reasons recorded, because the Assessing Officer lacked jurisdiction to make additions on unrelated transactions; this part of the reassessment is deleted. Additions treated as unexplained credits under Section 68 for amounts received from third parties (sale proceeds and receipts) were also deleted where the assessee produced confirmations, bank evidence, the payers' returns and a valuation showing the admitted consideration, so identity, creditworthiness and valuation requirements were satisfied and alternate protective capital gains treatment was not pressed by revenue. en-us Fri, 13 Feb 2026 00:00:00 +0530 Fri, 13 Mar 2026 08:36:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787867 Reassessment initiated under Section 147 read with Section 144B was quashed to the extent additions exceeded the specific reasons recorded, because the Assessing Officer lacked jurisdiction to make additions on unrelated transactions; this part of the reassessment is deleted. Additions treated as unexplained credits under Section 68 for amounts received from third parties (sale proceeds and receipts) were also deleted where the assessee produced confirmations, bank evidence, the payers' returns and a valuation showing the admitted consideration, so identity, creditworthiness and valuation requirements were satisfied and alternate protective capital gains treatment was not pressed by revenue. Case-Laws Income Tax Fri, 13 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787867