https://www.taxtmi.com/caselaws?id=468398 Under the reassessment procedure, an order under Section 148A(d) and the consequential notice under Section 148 could not stand where the assessing officer failed to verify the bank statement before concluding that escaped income crossed the statutory threshold of not less than Rs. 50,00,000. The recorded need for verification made the conclusion on threshold unsustainable, especially as the bank statement disclosed an arguable case that cash deposits were used to create the fixed deposit. The order and notice were set aside, and the matter was remanded for fresh consideration after giving the assessee a reasonable opportunity. en-us Fri, 12 Dec 2025 00:00:00 +0530 Mon, 04 May 2026 19:59:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468398 Under the reassessment procedure, an order under Section 148A(d) and the consequential notice under Section 148 could not stand where the assessing officer failed to verify the bank statement before concluding that escaped income crossed the statutory threshold of not less than Rs. 50,00,000. The recorded need for verification made the conclusion on threshold unsustainable, especially as the bank statement disclosed an arguable case that cash deposits were used to create the fixed deposit. The order and notice were set aside, and the matter was remanded for fresh consideration after giving the assessee a reasonable opportunity. Case-Laws Income Tax Fri, 12 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468398