https://www.taxtmi.com/caselaws?id=792969 Reassessment under sections 147/148 was upheld because the absence of incriminating material in survey proceedings does not by itself bar reopening; the material suggesting escapement of income is examined in reassessment. Proceedings against the successor company were also sustained, as section 170 fastens assessment on predecessor and successor according to business succession and is not defeated by a narrow pendency objection. However, additions treating sale of investments as unexplained cash credit and related commission as unexplained expenditure were deleted, since the investments were shown to arise in earlier years, the sales moved through banking channels, and uncorroborated third-party statements could not be relied on without cross-examination or independent evidence. en-us Wed, 20 May 2026 00:00:00 +0530 Sat, 06 Jun 2026 08:42:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792969 Reassessment under sections 147/148 was upheld because the absence of incriminating material in survey proceedings does not by itself bar reopening; the material suggesting escapement of income is examined in reassessment. Proceedings against the successor company were also sustained, as section 170 fastens assessment on predecessor and successor according to business succession and is not defeated by a narrow pendency objection. However, additions treating sale of investments as unexplained cash credit and related commission as unexplained expenditure were deleted, since the investments were shown to arise in earlier years, the sales moved through banking channels, and uncorroborated third-party statements could not be relied on without cross-examination or independent evidence. Case-Laws Income Tax Wed, 20 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792969