https://www.taxtmi.com/caselaws?id=470628 Reassessment based only on unverified and suspicious information requires a recorded belief showing a direct nexus with income escaping assessment, not merely a desire to conduct verification. Where no addition is made for the transaction forming the stated basis for reopening, jurisdiction cannot be retained to assess separate income independently identified during reassessment. The article states that the Section 148 notice and consequential reassessment were void from inception and quashed in favour of the assessee. en-us Tue, 25 Mar 2025 00:00:00 +0530 Sat, 01 Aug 2026 19:57:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470628 Reassessment based only on unverified and suspicious information requires a recorded belief showing a direct nexus with income escaping assessment, not merely a desire to conduct verification. Where no addition is made for the transaction forming the stated basis for reopening, jurisdiction cannot be retained to assess separate income independently identified during reassessment. The article states that the Section 148 notice and consequential reassessment were void from inception and quashed in favour of the assessee. Case-Laws Income Tax Tue, 25 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470628