https://www.taxtmi.com/caselaws?id=801340 Reassessment initiation under Sections 147, 148A(3) and 148 requires a meaningful opportunity for the assessee to clarify alleged unreported turnover and provide supporting loan confirmations. Ledger accounts and bank statements identifying the disputed receipts as unsecured loans, together with an explanation of an incorrect financial-year reference, required further examination before concluding that income had escaped assessment. The preliminary reassessment orders, approval and notices could not stand without that opportunity, and reassessment fitness required fresh determination after receiving the requested clarifications. en-us Tue, 06 Oct 2026 00:00:00 +0530 Mon, 19 Oct 2026 07:01:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=801340 Reassessment initiation under Sections 147, 148A(3) and 148 requires a meaningful opportunity for the assessee to clarify alleged unreported turnover and provide supporting loan confirmations. Ledger accounts and bank statements identifying the disputed receipts as unsecured loans, together with an explanation of an incorrect financial-year reference, required further examination before concluding that income had escaped assessment. The preliminary reassessment orders, approval and notices could not stand without that opportunity, and reassessment fitness required fresh determination after receiving the requested clarifications. Case-Laws Income Tax Tue, 06 Oct 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=801340