https://www.taxtmi.com/caselaws?id=791639 Reassessment under the amended post-1 April 2021 regime was upheld because fresh tangible material from search proceedings, including a sworn third-party statement and field verification results, was treated as sufficient for reopening and the earlier incriminating-material test was held inapplicable at that stage. However, the addition of unsecured loans under section 68 was not finally sustained because it depended mainly on an uncorroborated third-party statement and post-search enquiries, while the assessee was denied effective cross-examination and the record also required verification of repayments and amounts already assessed. The loan addition was therefore set aside for fresh adjudication after cross-examination and further enquiry. en-us Tue, 05 May 2026 00:00:00 +0530 Thu, 14 May 2026 09:01:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=791639 Reassessment under the amended post-1 April 2021 regime was upheld because fresh tangible material from search proceedings, including a sworn third-party statement and field verification results, was treated as sufficient for reopening and the earlier incriminating-material test was held inapplicable at that stage. However, the addition of unsecured loans under section 68 was not finally sustained because it depended mainly on an uncorroborated third-party statement and post-search enquiries, while the assessee was denied effective cross-examination and the record also required verification of repayments and amounts already assessed. The loan addition was therefore set aside for fresh adjudication after cross-examination and further enquiry. Case-Laws Income Tax Tue, 05 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=791639