https://www.taxtmi.com/caselaws?id=792279 Reassessment under section 147 must rest on independent tangible material showing a rational nexus between the information received and the belief that income has escaped assessment; mere reliance on Investigation Wing inputs or a statement of an alleged entry operator amounts to borrowed satisfaction. On the addition issue, recorded purchases and corresponding sales in the books could not be taxed again under section 68 without cogent proof that the transactions were fictitious or represented unexplained credits. The note applies the principle against double addition and emphasises that disclosed trade transactions cannot be disbelieved absent supporting evidence. en-us Wed, 20 May 2026 00:00:00 +0530 Mon, 25 May 2026 11:46:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792279 Reassessment under section 147 must rest on independent tangible material showing a rational nexus between the information received and the belief that income has escaped assessment; mere reliance on Investigation Wing inputs or a statement of an alleged entry operator amounts to borrowed satisfaction. On the addition issue, recorded purchases and corresponding sales in the books could not be taxed again under section 68 without cogent proof that the transactions were fictitious or represented unexplained credits. The note applies the principle against double addition and emphasises that disclosed trade transactions cannot be disbelieved absent supporting evidence. Case-Laws Income Tax Wed, 20 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792279