https://www.taxtmi.com/caselaws?id=468327 Reassessment under sections 147 and 148 of the Income-tax Act was invalid because the material relied on for reopening, including the assessee's share transactions, was already available when the original assessment under section 143(3) was completed. The Tribunal found that there was no "reason to believe" that income had escaped assessment and that the reopening rested only on a mere suspicion. The appellate court found no infirmity in that finding, upheld the setting aside of the reassessment, and held that no substantial question of law arose. en-us Thu, 21 Aug 2025 00:00:00 +0530 Tue, 28 Apr 2026 19:51:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468327 Reassessment under sections 147 and 148 of the Income-tax Act was invalid because the material relied on for reopening, including the assessee's share transactions, was already available when the original assessment under section 143(3) was completed. The Tribunal found that there was no "reason to believe" that income had escaped assessment and that the reopening rested only on a mere suspicion. The appellate court found no infirmity in that finding, upheld the setting aside of the reassessment, and held that no substantial question of law arose. Case-Laws Income Tax Thu, 21 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468327