https://www.taxtmi.com/caselaws?id=797312 Reassessment based on an audit objection requires objective material showing that identified disclosed credits are non-genuine; suspicion arising from alleged non-verification of sundry creditors is insufficient. Cash payments for purchases of raw hides and skins are permitted under section 40A(3) read with Rule 6DD(e)(ii). Where books record sellers' or creditors' names and relevant mandi details, and no material casts doubt on those particulars or the sellers' existence, failure to provide PAN or addresses cannot support an adverse inference absent a legal requirement to maintain them. Reopening on these facts lacks jurisdiction and amounts to an impermissible fishing enquiry. en-us Mon, 02 Feb 2026 00:00:00 +0530 Thu, 20 Aug 2026 08:14:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=797312 Reassessment based on an audit objection requires objective material showing that identified disclosed credits are non-genuine; suspicion arising from alleged non-verification of sundry creditors is insufficient. Cash payments for purchases of raw hides and skins are permitted under section 40A(3) read with Rule 6DD(e)(ii). Where books record sellers' or creditors' names and relevant mandi details, and no material casts doubt on those particulars or the sellers' existence, failure to provide PAN or addresses cannot support an adverse inference absent a legal requirement to maintain them. Reopening on these facts lacks jurisdiction and amounts to an impermissible fishing enquiry. Case-Laws Income Tax Mon, 02 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=797312