https://www.taxtmi.com/caselaws?id=796405 Reassessment based on information showing mutual-fund investments disproportionate to returned income was valid because such information provided a prima facie basis to believe income had escaped assessment; conclusive proof was unnecessary at the reopening stage. UTI unit proceeds credited to the taxpayer were taxable as receipts without consideration under Section 56(2)(vii) because the taxpayer failed to substantiate historical investments, savings, agricultural income, joint ownership, or the source of the credited proceeds through reliable financial records. Shares and securities constituted property for that provision, and transmission was not excluded. The additions remained taxable as income from other sources. en-us Wed, 29 Jul 2026 00:00:00 +0530 Wed, 05 Aug 2026 08:48:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796405 Reassessment based on information showing mutual-fund investments disproportionate to returned income was valid because such information provided a prima facie basis to believe income had escaped assessment; conclusive proof was unnecessary at the reopening stage. UTI unit proceeds credited to the taxpayer were taxable as receipts without consideration under Section 56(2)(vii) because the taxpayer failed to substantiate historical investments, savings, agricultural income, joint ownership, or the source of the credited proceeds through reliable financial records. Shares and securities constituted property for that provision, and transmission was not excluded. The additions remained taxable as income from other sources. Case-Laws Income Tax Wed, 29 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796405