https://www.taxtmi.com/caselaws?id=794630 A reassessment notice under section 148 was held unsustainable where the alleged escapement of income rested on presumptions rather than concrete material linking undisclosed income to the assessee. The reopening followed a survey in relation to a sister concern, but the only connection with the assessee was common management participation and an assumed inference that on-money receipts in one entity must have applied to the petitioner as well. The Court found this speculative basis insufficient to form a valid belief of escapement, so the notice was quashed. en-us Mon, 06 Jul 2026 00:00:00 +0530 Wed, 08 Jul 2026 09:08:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794630 A reassessment notice under section 148 was held unsustainable where the alleged escapement of income rested on presumptions rather than concrete material linking undisclosed income to the assessee. The reopening followed a survey in relation to a sister concern, but the only connection with the assessee was common management participation and an assumed inference that on-money receipts in one entity must have applied to the petitioner as well. The Court found this speculative basis insufficient to form a valid belief of escapement, so the notice was quashed. Case-Laws Income Tax Mon, 06 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794630