https://www.taxtmi.com/caselaws?id=800668 Reassessment initiated beyond four years requires a reasoned belief that income escaped assessment because the taxpayer failed to make a full and true disclosure of material facts. Third-party search information adopted without independent enquiry or a direct nexus to the taxpayer's records does not meet that jurisdictional threshold; the reassessment was therefore quashed. Section 69C requires proof that unexplained expenditure was actually incurred. Where export receipts were supported by contemporaneous business, customs and banking records, uncorroborated third-party material without effective cross-examination could not establish cash payments or unexplained expenditure. The addition was deleted, avoiding double taxation of recorded export receipts. en-us Wed, 07 Oct 2026 00:00:00 +0530 Fri, 09 Oct 2026 08:30:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=800668 Reassessment initiated beyond four years requires a reasoned belief that income escaped assessment because the taxpayer failed to make a full and true disclosure of material facts. Third-party search information adopted without independent enquiry or a direct nexus to the taxpayer's records does not meet that jurisdictional threshold; the reassessment was therefore quashed. Section 69C requires proof that unexplained expenditure was actually incurred. Where export receipts were supported by contemporaneous business, customs and banking records, uncorroborated third-party material without effective cross-examination could not establish cash payments or unexplained expenditure. The addition was deleted, avoiding double taxation of recorded export receipts. Case-Laws Income Tax Wed, 07 Oct 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=800668