High Court Rules Income Tax Assessment Reopening Unjustified: "Reason to Believe" Lacked Tangible Material and Rational Basis.

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....Reopening of assessment - the legal requirement that "the reason to believe must be predicated on tangible material or information" and that "the belief must be rational and bear a direct nexus to the material on which such a belief is based" was not fulfilled in the present case - HC....