Live nexus required for reassessment based on seized material; broker's register entry could not justify reopening.

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....HC quashed reassessment under Section 148 where the only basis was an entry in a broker's seized inquiry register. The Court held that seized material must have a live nexus with the assessee and must pertain to or relate to the assessee; here, the entry pre-dated the purchase by nearly twenty-three months, referred to lands available for sale, covered multiple survey numbers and a larger area, and named another person. On these facts, the register entry could not support a presumption of escapement of income, and the reopening was based on conjectures and surmises. The notice for the assessment year 2021-22 was quashed.....