https://www.taxtmi.com/caselaws?id=788718 Reassessment under sections 147 and 148 was invalid because the recorded reasons rested on third-party information about alleged reversal trades in illiquid stock options, while the assessee's original scrutiny assessment under section 143(3) reflected disclosed income from currency derivative transactions. The material was not independently matched with the assessee's record, and the reasons were treated as borrowed satisfaction without application of mind. As there was no live link between the information and a bona fide belief of escapement of income, and the relevant profit had already been disclosed, the statutory conditions for reopening after scrutiny were not met. The reopening was quashed. en-us Wed, 11 Mar 2026 00:00:00 +0530 Thu, 26 Mar 2026 15:16:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=788718 Reassessment under sections 147 and 148 was invalid because the recorded reasons rested on third-party information about alleged reversal trades in illiquid stock options, while the assessee's original scrutiny assessment under section 143(3) reflected disclosed income from currency derivative transactions. The material was not independently matched with the assessee's record, and the reasons were treated as borrowed satisfaction without application of mind. As there was no live link between the information and a bona fide belief of escapement of income, and the relevant profit had already been disclosed, the statutory conditions for reopening after scrutiny were not met. The reopening was quashed. Case-Laws Income Tax Wed, 11 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=788718