https://www.taxtmi.com/caselaws?id=470656 Reassessment requires the Assessing Officer to verify the assessee's records and independently form a reason to believe that income escaped assessment; unverified third-party information with materially incorrect transaction figures is insufficient. The notes state that recorded reasons lacked verification, nexus and independent application of mind, and were founded on an incorrect factual premise. They further state that objections to reopening must be disposed of before reassessment is completed. On these stated grounds, the reassessment notice and reasons were treated as void from inception, and the reassessment proceedings and order were quashed. en-us Tue, 25 Mar 2025 00:00:00 +0530 Mon, 03 Aug 2026 19:04:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470656 Reassessment requires the Assessing Officer to verify the assessee's records and independently form a reason to believe that income escaped assessment; unverified third-party information with materially incorrect transaction figures is insufficient. The notes state that recorded reasons lacked verification, nexus and independent application of mind, and were founded on an incorrect factual premise. They further state that objections to reopening must be disposed of before reassessment is completed. On these stated grounds, the reassessment notice and reasons were treated as void from inception, and the reassessment proceedings and order were quashed. Case-Laws Income Tax Tue, 25 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470656