https://www.taxtmi.com/caselaws?id=468953 Reassessment based only on an alleged cash loan and an assumed section 269SS violation does not establish escapement of income, because a cash loan by itself is not taxable income. Where reopening rests solely on search statements without independent material, the reassessment is invalid in law. An addition under section 68 also cannot stand when the recorded reasons for reopening proceed on one footing, but the assessment makes the addition on a different basis, and the Revenue produces no independent supporting evidence. The result is that both the jurisdictional challenge and the merits-based addition fail for lack of a consistent and evidentiary foundation. en-us Wed, 12 Jun 2024 00:00:00 +0530 Tue, 26 May 2026 16:29:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468953 Reassessment based only on an alleged cash loan and an assumed section 269SS violation does not establish escapement of income, because a cash loan by itself is not taxable income. Where reopening rests solely on search statements without independent material, the reassessment is invalid in law. An addition under section 68 also cannot stand when the recorded reasons for reopening proceed on one footing, but the assessment makes the addition on a different basis, and the Revenue produces no independent supporting evidence. The result is that both the jurisdictional challenge and the merits-based addition fail for lack of a consistent and evidentiary foundation. Case-Laws Income Tax Wed, 12 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468953