https://www.taxtmi.com/caselaws?id=801661 Reassessment jurisdiction under the Income-tax Act requires an independently formed reason to believe, based on relevant and verified tangible material, that taxable income escaped assessment; borrowed satisfaction, factual errors, and unverified records do not meet that standard. Additions relying on third-party statements require disclosure and a meaningful rebuttal opportunity, including cross-examination, so that the evidence can be tested. Loan credits supported by accounting entries, lender tax identification, bank records, confirmations, and repayment evidence may establish genuineness and should not be treated as unexplained cash credits merely on unsupported allegations. en-us Mon, 19 Oct 2026 00:00:00 +0530 Sat, 24 Oct 2026 08:17:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=801661 Reassessment jurisdiction under the Income-tax Act requires an independently formed reason to believe, based on relevant and verified tangible material, that taxable income escaped assessment; borrowed satisfaction, factual errors, and unverified records do not meet that standard. Additions relying on third-party statements require disclosure and a meaningful rebuttal opportunity, including cross-examination, so that the evidence can be tested. Loan credits supported by accounting entries, lender tax identification, bank records, confirmations, and repayment evidence may establish genuineness and should not be treated as unexplained cash credits merely on unsupported allegations. Case-Laws Income Tax Mon, 19 Oct 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=801661