https://www.taxtmi.com/caselaws?id=801399 Reassessment requires a reason to believe based on tangible material and cannot review a completed scrutiny assessment merely through a change of opinion. Incorrect transaction details, mechanical reliance on investigation inputs or a retracted third-party statement, and failure to consider evidence previously examined undermine reassessment jurisdiction. Recorded equity-share purchases supported by stock-exchange, broker, bank and source-of-funds records cannot be treated as unexplained investment where the source is explained. Equity-share sale proceeds already recorded in the books and offered to tax constitute sale receipts, not unexplained investment; taxing them again as unexplained amounts results in double taxation. en-us Mon, 12 Oct 2026 00:00:00 +0530 Wed, 21 Oct 2026 08:37:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=801399 Reassessment requires a reason to believe based on tangible material and cannot review a completed scrutiny assessment merely through a change of opinion. Incorrect transaction details, mechanical reliance on investigation inputs or a retracted third-party statement, and failure to consider evidence previously examined undermine reassessment jurisdiction. Recorded equity-share purchases supported by stock-exchange, broker, bank and source-of-funds records cannot be treated as unexplained investment where the source is explained. Equity-share sale proceeds already recorded in the books and offered to tax constitute sale receipts, not unexplained investment; taxing them again as unexplained amounts results in double taxation. Case-Laws Income Tax Mon, 12 Oct 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=801399