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 is insufficient where those transactions are recorded in the books and supported by audit reports, financial statements, bank books, cash books and ledgers. The notes state that, absent independent material, third-party statements, seized evidence, or information showing bogus or accommodation entries and linking inter se loans to escaped income, mere suspicion from transaction patterns cannot sustain reassessment. 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 is insufficient where those transactions are recorded in the books and supported by audit reports, financial statements, bank books, cash books and ledgers. The notes state that, absent independent material, third-party statements, seized evidence, or information showing bogus or accommodation entries and linking inter se loans to escaped income, mere suspicion from transaction patterns cannot sustain reassessment. Case-Laws Income Tax Mon, 27 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=796518