https://www.taxtmi.com/caselaws?id=470374 Jurisdictionally competent approval for a reassessment notice is essential; where approval is not granted by the authority required under section 151, the notice and consequential assessment are invalid and cannot support merits additions. Estimated profit based solely on bank credits requires recorded reasons for rejecting audited books and verification of bank statements and other financial material. For a mutually aided co-operative credit society, the nature of transactions and the mutuality claim require evidentiary examination before income can be estimated. The bank-credit addition therefore requires fresh verification. en-us Wed, 19 Mar 2025 00:00:00 +0530 Fri, 24 Jul 2026 21:47:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470374 Jurisdictionally competent approval for a reassessment notice is essential; where approval is not granted by the authority required under section 151, the notice and consequential assessment are invalid and cannot support merits additions. Estimated profit based solely on bank credits requires recorded reasons for rejecting audited books and verification of bank statements and other financial material. For a mutually aided co-operative credit society, the nature of transactions and the mutuality claim require evidentiary examination before income can be estimated. The bank-credit addition therefore requires fresh verification. Case-Laws Income Tax Wed, 19 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470374