https://www.taxtmi.com/caselaws?id=792278 Reassessment under section 147 was held invalid where the reopening rested on Investigation Wing information and third-party statements without independent inquiry, without furnishing the underlying material to the assessee, and without a live link to escapement of income; the notice under section 148 and the reassessment order were quashed. The addition under section 68 for loans and advances was deleted because the assessee produced confirmations, bank statements, returns and financial statements, the transactions moved through banking channels, and the Revenue did not establish that the transactions were sham or disprove identity, creditworthiness and genuineness. en-us Mon, 18 May 2026 00:00:00 +0530 Tue, 26 May 2026 08:24:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792278 Reassessment under section 147 was held invalid where the reopening rested on Investigation Wing information and third-party statements without independent inquiry, without furnishing the underlying material to the assessee, and without a live link to escapement of income; the notice under section 148 and the reassessment order were quashed. The addition under section 68 for loans and advances was deleted because the assessee produced confirmations, bank statements, returns and financial statements, the transactions moved through banking channels, and the Revenue did not establish that the transactions were sham or disprove identity, creditworthiness and genuineness. Case-Laws Income Tax Mon, 18 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792278