https://www.taxtmi.com/caselaws?id=470374 Jurisdictionally competent approval under section 151 is presented as essential to a valid reassessment notice under section 148; where approval is defective, the consequential assessment and additions cannot be sustained on merits. The notes further address profit estimation from bank credits of a mutually aided co-operative credit society. Estimation requires examination of audited books, bank statements and other financial material, with recorded reasons for rejecting book results. The character of transactions and any mutuality claim require evidence-based verification. The stated principles are that invalid reassessment cannot support merits additions, and income estimation requires justified rejection of accounts and proper factual examination. 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 under section 151 is presented as essential to a valid reassessment notice under section 148; where approval is defective, the consequential assessment and additions cannot be sustained on merits. The notes further address profit estimation from bank credits of a mutually aided co-operative credit society. Estimation requires examination of audited books, bank statements and other financial material, with recorded reasons for rejecting book results. The character of transactions and any mutuality claim require evidence-based verification. The stated principles are that invalid reassessment cannot support merits additions, and income estimation requires justified rejection of accounts and proper factual examination. Case-Laws Income Tax Wed, 19 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470374