https://www.taxtmi.com/caselaws?id=468943 Reopening under section 148 was invalid because the recorded reasons referred only to acceptance of a cash loan and an alleged violation of section 269SS, without showing escapement of income chargeable to tax. A cash loan, by itself, is not income, so the jurisdictional condition for reassessment was not satisfied. The defect in the recorded reasons was not cured by the assessment order, which proceeded on the same footing. The notice under section 148, the order disposing of objections, and the assessment order were quashed and set aside. en-us Wed, 05 Jan 2022 00:00:00 +0530 Tue, 26 May 2026 15:06:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468943 Reopening under section 148 was invalid because the recorded reasons referred only to acceptance of a cash loan and an alleged violation of section 269SS, without showing escapement of income chargeable to tax. A cash loan, by itself, is not income, so the jurisdictional condition for reassessment was not satisfied. The defect in the recorded reasons was not cured by the assessment order, which proceeded on the same footing. The notice under section 148, the order disposing of objections, and the assessment order were quashed and set aside. Case-Laws Income Tax Wed, 05 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468943