Case Law Analysis
|Income Tax Appellate Tribunal
Section 147 IT Act | Reassessment Requires 'Live Link' Between Material and Income Escapement, Not Mere Suspicion : ITAT Delhi
ITAT Delhi rules that reassessment under Section 147 IT Act cannot be initiated based on suspicion or fund rotation alone. The assessing officer must establish tangible material showing a direct nexus between the evidence and the belief of income escapement, setting a higher threshold for reopening assessments.