https://www.taxtmi.com/caselaws?id=795017 Reassessment requires disclosure of the material relied on and recorded reasons showing tangible material that creates a statutory reason to believe income escaped assessment. Withholding investigation material, transaction details and a survey statement as confidential prevented an effective response and breached natural justice, rendering the reassessment notice and rejection of objections invalid. A bare allegation of an accommodation entry, without a specific nexus between the assessee and alleged transactions, amounts only to suspicion. The absence of the actual recorded reasons further failed to establish the basis for reopening under the Income-tax Act. en-us Wed, 08 Jul 2026 00:00:00 +0530 Wed, 15 Jul 2026 08:21:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=795017 Reassessment requires disclosure of the material relied on and recorded reasons showing tangible material that creates a statutory reason to believe income escaped assessment. Withholding investigation material, transaction details and a survey statement as confidential prevented an effective response and breached natural justice, rendering the reassessment notice and rejection of objections invalid. A bare allegation of an accommodation entry, without a specific nexus between the assessee and alleged transactions, amounts only to suspicion. The absence of the actual recorded reasons further failed to establish the basis for reopening under the Income-tax Act. Case-Laws Income Tax Wed, 08 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=795017