https://www.taxtmi.com/caselaws?id=791026 Reassessment under sections 147 and 148 was treated as valid where the return had only been processed under section 143(1), the Assessing Officer relied on specific Investigation Wing information about alleged penny stock transactions, and the recorded reasons showed a live link to escapement of income. The proviso to section 147 was held inapplicable, Explanation 2(b) applied, and the delay objection based on the four-week rule failed on the facts. On the merits, a section 68 addition for share-sale proceeds could not be sustained once the assessee produced contract notes, demat and bank statements, and trading records showing stock exchange transactions and no section 10(38) claim; the burden then shifted to the Revenue, which lacked independent material to treat the consideration as unexplained cash credit. en-us Tue, 28 Apr 2026 00:00:00 +0530 Mon, 04 May 2026 16:01:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=791026 Reassessment under sections 147 and 148 was treated as valid where the return had only been processed under section 143(1), the Assessing Officer relied on specific Investigation Wing information about alleged penny stock transactions, and the recorded reasons showed a live link to escapement of income. The proviso to section 147 was held inapplicable, Explanation 2(b) applied, and the delay objection based on the four-week rule failed on the facts. On the merits, a section 68 addition for share-sale proceeds could not be sustained once the assessee produced contract notes, demat and bank statements, and trading records showing stock exchange transactions and no section 10(38) claim; the burden then shifted to the Revenue, which lacked independent material to treat the consideration as unexplained cash credit. Case-Laws Income Tax Tue, 28 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=791026