https://www.taxtmi.com/highlights?id=103286 Reassessment requires recorded material to have a rational connection and live nexus with the belief that income escaped assessment; suspicion based on statements or survey material unrelated to the taxpayer or investment transaction is insufficient. Allegations concerning an investor's representative, without transaction-specific material, could not support reopening for purportedly non-genuine share capital and share premium. For employees' provident fund and insurance contributions, the law prevailing when notice was issued allowed deduction where payment was made by the return-filing due date. A later contrary Supreme Court ruling could not retrospectively validate the recorded reason. The reassessment notice was quashed because neither ground established a sustainable reason to believe. en-us Tue, 01 Sep 2026 08:26:22 +0530 Tue, 01 Sep 2026 08:26:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=103286 Reassessment requires recorded material to have a rational connection and live nexus with the belief that income escaped assessment; suspicion based on statements or survey material unrelated to the taxpayer or investment transaction is insufficient. Allegations concerning an investor's representative, without transaction-specific material, could not support reopening for purportedly non-genuine share capital and share premium. For employees' provident fund and insurance contributions, the law prevailing when notice was issued allowed deduction where payment was made by the return-filing due date. A later contrary Supreme Court ruling could not retrospectively validate the recorded reason. The reassessment notice was quashed because neither ground established a sustainable reason to believe. Highlights Income Tax Tue, 01 Sep 2026 08:26:22 +0530 https://www.taxtmi.com/highlights?id=103286