https://www.taxtmi.com/caselaws?id=790558 Reassessment under section 147 was held invalid because the recorded reasons rested on generalized Investigation Wing information and alleged accommodation transactions without independent verification, specific tangible material, or a live nexus showing escapement of income; the assessee's denial was not rebutted, so the jurisdictional condition of a valid reason to believe failed. Additions under sections 68 and 69A also failed because they were built mainly on third-party material and suspicion, without primary evidence of the assessee's participation, proof of the statutory ingredients of unexplained money, or meaningful cross-examination of relied-upon material. The reassessments were quashed and the additions deleted. en-us Fri, 24 Apr 2026 00:00:00 +0530 Mon, 27 Apr 2026 08:21:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=790558 Reassessment under section 147 was held invalid because the recorded reasons rested on generalized Investigation Wing information and alleged accommodation transactions without independent verification, specific tangible material, or a live nexus showing escapement of income; the assessee's denial was not rebutted, so the jurisdictional condition of a valid reason to believe failed. Additions under sections 68 and 69A also failed because they were built mainly on third-party material and suspicion, without primary evidence of the assessee's participation, proof of the statutory ingredients of unexplained money, or meaningful cross-examination of relied-upon material. The reassessments were quashed and the additions deleted. Case-Laws Income Tax Fri, 24 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=790558