https://www.taxtmi.com/caselaws?id=796518 Reassessment requires material giving reason to believe that taxable income has escaped assessment. A suspicious transaction report concerning transactions between an assessee and related partnership or proprietary concerns does not, by itself, meet that standard where the transactions are recorded in the books and supported by audit reports, financial statements, bank records, cash books and ledgers. Incorrectly treating supporting details as unsubmitted, without independent material, third-party statements or seized evidence showing bogus or accommodation entries, cannot establish escapement of income. Inter se loans must also be linked to taxable income alleged to have escaped assessment. Mere suspicion based on transaction patterns is insufficient; reassessment initiated solely on that basis is invalid. en-us Mon, 27 Jul 2026 00:00:00 +0530 Thu, 06 Aug 2026 09:11:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=796518 Reassessment requires material giving reason to believe that taxable income has escaped assessment. A suspicious transaction report concerning transactions between an assessee and related partnership or proprietary concerns does not, by itself, meet that standard where the transactions are recorded in the books and supported by audit reports, financial statements, bank records, cash books and ledgers. Incorrectly treating supporting details as unsubmitted, without independent material, third-party statements or seized evidence showing bogus or accommodation entries, cannot establish escapement of income. Inter se loans must also be linked to taxable income alleged to have escaped assessment. Mere suspicion based on transaction patterns is insufficient; reassessment initiated solely on that basis is invalid. Case-Laws Income Tax Mon, 27 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796518