https://www.taxtmi.com/caselaws?id=793530 Reassessment under sections 147 and 148 was held unsustainable where the reopening rested on an incorrect factual premise, lacked any live nexus with the assessee, and was unsupported by tangible material connecting the assessee to the alleged cash transaction. The section 69 addition for alleged cash over and above recorded consideration also failed because it was based on un-confronted third-party material, while banking records, allotment documents and loan disbursement evidence supported recorded payment. The reassessment was further vitiated by want of mandatory approval and breach of natural justice, as adverse material was not supplied for rebuttal. The reassessment order and related addition were therefore not sustained. en-us Mon, 11 May 2026 00:00:00 +0530 Thu, 18 Jun 2026 08:45:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=793530 Reassessment under sections 147 and 148 was held unsustainable where the reopening rested on an incorrect factual premise, lacked any live nexus with the assessee, and was unsupported by tangible material connecting the assessee to the alleged cash transaction. The section 69 addition for alleged cash over and above recorded consideration also failed because it was based on un-confronted third-party material, while banking records, allotment documents and loan disbursement evidence supported recorded payment. The reassessment was further vitiated by want of mandatory approval and breach of natural justice, as adverse material was not supplied for rebuttal. The reassessment order and related addition were therefore not sustained. Case-Laws Income Tax Mon, 11 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=793530