https://www.taxtmi.com/caselaws?id=793216 Search-based reassessment under Sections 147 and 148 requires incriminating material, valid limitation, sanction, and compliance with mandatory procedure; on the stated facts, the reassessment was treated as void because no search material linked the assessee to escaped income, the extended limitation under Section 149(1)(b) was unavailable, and the safeguards under Sections 151, 153D and the GKN Driveshafts procedure were not properly followed. On the merits, exchange-traded share transactions supported by contract notes, demat records and bank entries were accepted as genuine, so additions under Sections 68 and 69C, denial of Section 10(38) exemption, and tax under Section 115BBE could not survive. en-us Thu, 30 Apr 2026 00:00:00 +0530 Wed, 10 Jun 2026 14:02:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=793216 Search-based reassessment under Sections 147 and 148 requires incriminating material, valid limitation, sanction, and compliance with mandatory procedure; on the stated facts, the reassessment was treated as void because no search material linked the assessee to escaped income, the extended limitation under Section 149(1)(b) was unavailable, and the safeguards under Sections 151, 153D and the GKN Driveshafts procedure were not properly followed. On the merits, exchange-traded share transactions supported by contract notes, demat records and bank entries were accepted as genuine, so additions under Sections 68 and 69C, denial of Section 10(38) exemption, and tax under Section 115BBE could not survive. Case-Laws Income Tax Thu, 30 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=793216