Validity of Reassessment to verify genuineness of gift based on Assessment of relatives

It is a trite law that the reasons for formation of belief not only should have a rational connection or relevant bearing with the material, but it must also have direct nexus or live-link between the material coming to the notice of the Assessing Officer and the formation of his belief that there has been escapement of income of the assessee from assessment. It is not any and every material howsoever weak or remote or farfetched which could warrant f

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