https://www.taxtmi.com/caselaws?id=793708 Reassessment was invalid because the assessee received only a gist rather than the complete recorded reasons for reopening, preventing effective challenge to the notice. It was also unsupported by a valid reason to believe that income had escaped assessment: the sole basis, a director's alleged admission on paper entries and commission income, had been retracted before the reopening notice and that retraction had already been upheld in appellate proceedings. The Tribunal's annulment of reassessment was sustained, confirming that incomplete disclosure of recorded reasons and reliance solely on an upheld retracted statement invalidate reopening. en-us Wed, 17 Jun 2026 00:00:00 +0530 Mon, 10 Aug 2026 18:25:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=793708 Reassessment was invalid because the assessee received only a gist rather than the complete recorded reasons for reopening, preventing effective challenge to the notice. It was also unsupported by a valid reason to believe that income had escaped assessment: the sole basis, a director's alleged admission on paper entries and commission income, had been retracted before the reopening notice and that retraction had already been upheld in appellate proceedings. The Tribunal's annulment of reassessment was sustained, confirming that incomplete disclosure of recorded reasons and reliance solely on an upheld retracted statement invalidate reopening. Case-Laws Income Tax Wed, 17 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=793708