https://www.taxtmi.com/caselaws?id=796405 Information showing mutual-fund investments disproportionate to returned income provides a prima facie basis for reassessment, without requiring conclusive proof of escaped income at the reopening stage. The notes state that the reassessment was sustained. UTI unit proceeds credited to a taxpayer may be treated as receipts without consideration under Section 56(2)(vii) where the taxpayer cannot substantiate the source, ownership, historical investments, savings, agricultural income, or joint ownership through reliable records. Shares and securities are treated as property, and transmission is not excluded. The proceeds were consequently assessed 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 Information showing mutual-fund investments disproportionate to returned income provides a prima facie basis for reassessment, without requiring conclusive proof of escaped income at the reopening stage. The notes state that the reassessment was sustained. UTI unit proceeds credited to a taxpayer may be treated as receipts without consideration under Section 56(2)(vii) where the taxpayer cannot substantiate the source, ownership, historical investments, savings, agricultural income, or joint ownership through reliable records. Shares and securities are treated as property, and transmission is not excluded. The proceeds were consequently assessed as income from other sources. Case-Laws Income Tax Wed, 29 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796405