https://www.taxtmi.com/caselaws?id=470720 Reassessment based solely on investigation-wing information concerning 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 establish escapement at the notice stage. Mere reproduction of information about account transactions, without independent belief that deposits represent undisclosed income, does not satisfy this requirement. The reassessment was therefore invalid and quashed. 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 concerning 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 establish escapement at the notice stage. Mere reproduction of information about account transactions, without independent belief that deposits represent undisclosed income, does not satisfy this requirement. The reassessment was therefore invalid and quashed. Case-Laws Income Tax Tue, 05 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470720