https://www.taxtmi.com/caselaws?id=788638 Reassessment under sections 147 and 148 was held invalid because the belief of escaped income was formed solely on bank-deposit information without proper verification of the return, assessment record, or material explaining the source of deposits. The reopening was quashed for lack of proper application of mind. The addition for bank deposits was deleted because the bank statement and sale deed showed that the deposits matched sale consideration from transfer of a showroom property, with cheque numbers and transaction details reconciling the amounts with the disclosed capital transaction. en-us Mon, 16 Mar 2026 00:00:00 +0530 Thu, 26 Mar 2026 09:05:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=788638 Reassessment under sections 147 and 148 was held invalid because the belief of escaped income was formed solely on bank-deposit information without proper verification of the return, assessment record, or material explaining the source of deposits. The reopening was quashed for lack of proper application of mind. The addition for bank deposits was deleted because the bank statement and sale deed showed that the deposits matched sale consideration from transfer of a showroom property, with cheque numbers and transaction details reconciling the amounts with the disclosed capital transaction. Case-Laws Income Tax Mon, 16 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=788638