https://www.taxtmi.com/caselaws?id=470656 Reassessment based on unverified third-party information containing materially incorrect transaction figures lacks the Assessing Officer's independent reason to believe that income escaped assessment. Information from another officer may justify inquiry, but the Assessing Officer must verify the taxpayer's existing records, establish a factual nexus, and apply independent judgment before issuing a reopening notice. Failure to dispose of detailed objections to reopening before completing reassessment also breaches a mandatory requirement. The reopening notice, recorded reasons, reassessment proceedings, and reassessment order were treated as void from inception and 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 based on unverified third-party information containing materially incorrect transaction figures lacks the Assessing Officer's independent reason to believe that income escaped assessment. Information from another officer may justify inquiry, but the Assessing Officer must verify the taxpayer's existing records, establish a factual nexus, and apply independent judgment before issuing a reopening notice. Failure to dispose of detailed objections to reopening before completing reassessment also breaches a mandatory requirement. The reopening notice, recorded reasons, reassessment proceedings, and reassessment order were treated as void from inception and quashed. Case-Laws Income Tax Tue, 25 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470656