https://www.taxtmi.com/caselaws?id=788190 Reopening under the income tax provisions was invalid because the assessing officer relied on investigational suggestion of fund rotation without independent application of mind or tangible material linking transactions to escapement of income; the recorded satisfaction lacked a bona fide reason to believe grounded in definite, relevant material with a live nexus to escaped income, and the sanctioning authority similarly failed to apply mind. Outcome: reassessment proceedings quashed and the appeal allowed in favour of the assessee. en-us Wed, 11 Mar 2026 00:00:00 +0530 Wed, 18 Mar 2026 08:20:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=788190 Reopening under the income tax provisions was invalid because the assessing officer relied on investigational suggestion of fund rotation without independent application of mind or tangible material linking transactions to escapement of income; the recorded satisfaction lacked a bona fide reason to believe grounded in definite, relevant material with a live nexus to escaped income, and the sanctioning authority similarly failed to apply mind. Outcome: reassessment proceedings quashed and the appeal allowed in favour of the assessee. Case-Laws Income Tax Wed, 11 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=788190