https://www.taxtmi.com/caselaws?id=790884 Reassessment under section 147 is valid only where the recorded reasons rest on relevant, tangible material with a live link to the assessee's alleged escapement of income. Here, the reopening was based on penny stock and accommodation-entry information that related to another person, while the assessee's own return, audit report, computation, and profit and loss account showed no such share transactions or capital gain. Because the recorded reasons did not establish that the assessee had entered the cited transactions and lacked a proper nexus with the assessee's records, the jurisdictional for reopening was not satisfied. The reassessment was therefore quashed and the additions became academic. en-us Wed, 15 Apr 2026 00:00:00 +0530 Sat, 02 May 2026 07:40:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=790884 Reassessment under section 147 is valid only where the recorded reasons rest on relevant, tangible material with a live link to the assessee's alleged escapement of income. Here, the reopening was based on penny stock and accommodation-entry information that related to another person, while the assessee's own return, audit report, computation, and profit and loss account showed no such share transactions or capital gain. Because the recorded reasons did not establish that the assessee had entered the cited transactions and lacked a proper nexus with the assessee's records, the jurisdictional for reopening was not satisfied. The reassessment was therefore quashed and the additions became academic. Case-Laws Income Tax Wed, 15 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=790884