https://www.taxtmi.com/caselaws?id=469447 Reassessment based on materially incorrect facts is unsustainable, and section 69A cannot apply where the relevant bank entries and transaction details are recorded in the assessee's books of account. The note states that reopening under sections 147 and 148 was vitiated because the recorded reason proceeded on an factual assumption about the assessee's share in a property transaction. It further notes that, once the reassessment failed, the consequential addition as unexplained money also lacked legal support. The stated result is annulment of the assessment proceedings and deletion of the addition. en-us Thu, 06 Mar 2025 00:00:00 +0530 Wed, 17 Jun 2026 19:02:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469447 Reassessment based on materially incorrect facts is unsustainable, and section 69A cannot apply where the relevant bank entries and transaction details are recorded in the assessee's books of account. The note states that reopening under sections 147 and 148 was vitiated because the recorded reason proceeded on an factual assumption about the assessee's share in a property transaction. It further notes that, once the reassessment failed, the consequential addition as unexplained money also lacked legal support. The stated result is annulment of the assessment proceedings and deletion of the addition. Case-Laws Income Tax Thu, 06 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469447