https://www.taxtmi.com/caselaws?id=469399 Reassessment based on alleged fictitious share transactions requires recorded reasons showing a clear reason to believe, supported by tangible material and a discernible link to the assessee; mere suspicion is insufficient. Where the recorded reasons and rejection of objections do not establish that the assessee entered the transactions or claimed the alleged loss, and the underlying information is not furnished despite request, the reopening cannot be sustained. On these facts, the reassessment under section 147 was held invalid and the related addition was deleted. en-us Wed, 24 Apr 2024 00:00:00 +0530 Tue, 16 Jun 2026 16:11:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469399 Reassessment based on alleged fictitious share transactions requires recorded reasons showing a clear reason to believe, supported by tangible material and a discernible link to the assessee; mere suspicion is insufficient. Where the recorded reasons and rejection of objections do not establish that the assessee entered the transactions or claimed the alleged loss, and the underlying information is not furnished despite request, the reopening cannot be sustained. On these facts, the reassessment under section 147 was held invalid and the related addition was deleted. Case-Laws Income Tax Wed, 24 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469399