https://www.taxtmi.com/caselaws?id=472183 Reopening of an assessment under Section 147 requires the Assessing Officer to independently examine tangible material and form a bona fide reason to believe that income has escaped assessment. Information in a tax evasion petition, without verification or a prima facie finding on the genuineness of alleged loan transactions, cannot by itself support that jurisdiction. Reasons that merely reproduce such information, coupled with mechanical approval, fail to establish the required satisfaction. The reopening proceedings and consequential reassessment are invalid in law. en-us Wed, 18 May 2016 00:00:00 +0530 Thu, 01 Oct 2026 15:29:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472183 Reopening of an assessment under Section 147 requires the Assessing Officer to independently examine tangible material and form a bona fide reason to believe that income has escaped assessment. Information in a tax evasion petition, without verification or a prima facie finding on the genuineness of alleged loan transactions, cannot by itself support that jurisdiction. Reasons that merely reproduce such information, coupled with mechanical approval, fail to establish the required satisfaction. The reopening proceedings and consequential reassessment are invalid in law. Case-Laws Income Tax Wed, 18 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472183