https://www.taxtmi.com/caselaws?id=791208 Reassessment under section 147 was held invalid where the reopening was based only on balance sheet, profit and loss account, and other material already examined in the completed scrutiny assessment. As no fresh or tangible material came to the Assessing Officer after the original section 143(3) assessment, the belief that income had escaped assessment was treated as a mere reappraisal of existing records and suspicion, which was insufficient to satisfy the jurisdictional requirement of a valid reason to believe. The reassessment notice and resulting assessment order were quashed in favour of the assessee. en-us Mon, 04 May 2026 00:00:00 +0530 Thu, 07 May 2026 07:08:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=791208 Reassessment under section 147 was held invalid where the reopening was based only on balance sheet, profit and loss account, and other material already examined in the completed scrutiny assessment. As no fresh or tangible material came to the Assessing Officer after the original section 143(3) assessment, the belief that income had escaped assessment was treated as a mere reappraisal of existing records and suspicion, which was insufficient to satisfy the jurisdictional requirement of a valid reason to believe. The reassessment notice and resulting assessment order were quashed in favour of the assessee. Case-Laws Income Tax Mon, 04 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=791208