https://www.taxtmi.com/caselaws?id=470720 Reassessment based solely on investigation-wing information about bank deposits, debits and credits requires the Assessing Officer's independent application of mind. Recorded reasons must disclose a reason to believe, founded on relevant material, that income escaped assessment; the material need not conclusively prove escapement at the notice stage. A bare reference to third-party information without independent satisfaction that the deposits represented undisclosed income does not meet this standard. The notes state that the reassessment was invalid and quashed because the recorded reasons lacked that independent belief. en-us Tue, 05 Dec 2017 00:00:00 +0530 Wed, 05 Aug 2026 16:44:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470720 Reassessment based solely on investigation-wing information about bank deposits, debits and credits requires the Assessing Officer's independent application of mind. Recorded reasons must disclose a reason to believe, founded on relevant material, that income escaped assessment; the material need not conclusively prove escapement at the notice stage. A bare reference to third-party information without independent satisfaction that the deposits represented undisclosed income does not meet this standard. The notes state that the reassessment was invalid and quashed because the recorded reasons lacked that independent belief. Case-Laws Income Tax Tue, 05 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470720