https://www.taxtmi.com/caselaws?id=791100 Reassessment under section 147 requires recorded reasons showing a clear and live nexus between the material and the alleged escapement in the assessee's hands. General third-party information, without identification of the precise nature of escapement, the relevant entity, transaction details, or independent verification, does not satisfy the reason to believe standard and indicates non-application of mind. On that basis, the reassessment proceedings were invalid, and the consequential assessment and addition under section 69A were also unsustainable and set aside. en-us Thu, 09 Apr 2026 00:00:00 +0530 Wed, 06 May 2026 08:32:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=791100 Reassessment under section 147 requires recorded reasons showing a clear and live nexus between the material and the alleged escapement in the assessee's hands. General third-party information, without identification of the precise nature of escapement, the relevant entity, transaction details, or independent verification, does not satisfy the reason to believe standard and indicates non-application of mind. On that basis, the reassessment proceedings were invalid, and the consequential assessment and addition under section 69A were also unsustainable and set aside. Case-Laws Income Tax Thu, 09 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=791100