https://www.taxtmi.com/highlights?id=105157 Reassessment on alleged undisclosed business turnover requires examination of the assessee's explanation and supporting documents before forming reasons to issue notice. Amounts asserted to be loans must be assessed for their proper character rather than treated as turnover without cogent reasons. Prior approval granted before consideration of the reply indicates predisposition and non-application of mind. The reassessment notice and orders were quashed, with the matter restored for fresh consideration after considering the explanation and seeking any necessary clarification; the alleged turnover's merits remained undecided. en-us Mon, 19 Oct 2026 07:01:13 +0530 Mon, 19 Oct 2026 07:01:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=105157 Reassessment on alleged undisclosed business turnover requires examination of the assessee's explanation and supporting documents before forming reasons to issue notice. Amounts asserted to be loans must be assessed for their proper character rather than treated as turnover without cogent reasons. Prior approval granted before consideration of the reply indicates predisposition and non-application of mind. The reassessment notice and orders were quashed, with the matter restored for fresh consideration after considering the explanation and seeking any necessary clarification; the alleged turnover's merits remained undecided. Highlights Income Tax Mon, 19 Oct 2026 07:01:13 +0530 https://www.taxtmi.com/highlights?id=105157