https://www.taxtmi.com/caselaws?id=794729 Reassessment under the substituted regime requires inquiry, consideration of the taxpayer's reply, and a reasoned determination based on verified material. General, uncorroborated Investigation Wing information cannot by itself justify action under sections 148A and 148 where material particulars are not supplied, the taxpayer's evidence is not properly considered, and no independent verification occurs. Alleged bogus-purchase and unexplained-expenditure additions are unsustainable where invoices, banking records, transport and stock documents support the transactions, corresponding sales are accepted, and no specific documentary defect is identified. The reassessment and consequential assessment were quashed, and the additions were deleted. en-us Tue, 07 Jul 2026 00:00:00 +0530 Fri, 10 Jul 2026 07:39:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=794729 Reassessment under the substituted regime requires inquiry, consideration of the taxpayer's reply, and a reasoned determination based on verified material. General, uncorroborated Investigation Wing information cannot by itself justify action under sections 148A and 148 where material particulars are not supplied, the taxpayer's evidence is not properly considered, and no independent verification occurs. Alleged bogus-purchase and unexplained-expenditure additions are unsustainable where invoices, banking records, transport and stock documents support the transactions, corresponding sales are accepted, and no specific documentary defect is identified. The reassessment and consequential assessment were quashed, and the additions were deleted. Case-Laws Income Tax Tue, 07 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=794729