https://www.taxtmi.com/caselaws?id=799500 Reassessment jurisdiction requires a reason to believe founded on correct facts and independent verification. Recorded reasons based on the incorrect premise that only summary processing occurred, despite a completed scrutiny assessment, cannot be cured as a clerical defect. Similarly, unverified Investigation Wing information unsupported by corresponding bank credits does not establish a valid basis for reopening. Sale proceeds of investments previously recorded in the books and balance sheet, received through banking channels, are not loans, deposits, share application money, or unexplained cash credits. Such disclosed investment realisations cannot be added as unexplained credits. en-us Fri, 17 Jul 2026 00:00:00 +0530 Wed, 23 Sep 2026 08:48:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=799500 Reassessment jurisdiction requires a reason to believe founded on correct facts and independent verification. Recorded reasons based on the incorrect premise that only summary processing occurred, despite a completed scrutiny assessment, cannot be cured as a clerical defect. Similarly, unverified Investigation Wing information unsupported by corresponding bank credits does not establish a valid basis for reopening. Sale proceeds of investments previously recorded in the books and balance sheet, received through banking channels, are not loans, deposits, share application money, or unexplained cash credits. Such disclosed investment realisations cannot be added as unexplained credits. Case-Laws Income Tax Fri, 17 Jul 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=799500