https://www.taxtmi.com/caselaws?id=469179 Reassessment under sections 147 and 148 was invalid because the Assessing Officer relied only on portal-based information without independent verification, inquiry, or a live nexus between the material and the belief of escapement of income; the reopening was quashed. On merits, the unsecured loan addition was unsustainable because the assessee produced confirmations, ledger accounts, bank statements, and lender return details, while the transaction was routed through banking channels and repaid in the same year; the addition was deleted. en-us Mon, 18 Nov 2024 00:00:00 +0530 Mon, 08 Jun 2026 15:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469179 Reassessment under sections 147 and 148 was invalid because the Assessing Officer relied only on portal-based information without independent verification, inquiry, or a live nexus between the material and the belief of escapement of income; the reopening was quashed. On merits, the unsecured loan addition was unsustainable because the assessee produced confirmations, ledger accounts, bank statements, and lender return details, while the transaction was routed through banking channels and repaid in the same year; the addition was deleted. Case-Laws Income Tax Mon, 18 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469179