S. 153A: Assessment-Search-Unexplained investments-Indian nationals and residents had foreign bank accounts in HSBC Bank (Suisse) SA Geneva which were not disclosed to Indian tax authorities-Peak addition-The base note on which revenue sought to place reliance was in fact a document available post-search and admittedly was not a document recovered under search action, and moreover, assessment proceedings had also stood completed, hence, base note being a document available post-search could not be considered to be any incriminating document to assess or re-assess assessee’s income. [S. 69, 132, 147, 148, 260A]

S. 153: Assessment-Reassessment-Limitation-Amalgamation-Order of the High Court did not contain any ‘finding’ or ‘direction’ as contemplated by the provisions of section 153(6)-Order was barred by limitation. [S. 153 (6), Art. 226]

S. 151A: Faceless assessment scheme-Central charge-Notice was issued by the Jurisdictional Assessing Officer instead of the Faceless Assessing Officer, as mandated under the faceless reassessment procedure-Notice and consequential order were quashed and set aside. [S. 148, Art. 226]

S. 151A: Faceless assessment scheme-Reassessment-Notice by Jurisdictional Assessing Officer and not by Faceless Assessing Officer-Reassessment notice and consequential orders were quashed. [S. 147, 148, Art. 226]

S. 149 : Reassessment-Time limit for notice-Notice u/s 148 of new regime on 29-7 2022-Notice issued under old regime on 30-6-2021, with in six year limitation under TOLA is to be treated as notice under section148A(b) of new regime-Notice issued on 29-7-2022 under new regime was in time-Writ petition dismissed. [S. 148, 148A(b), 151, Art. 226]

S. 149 : Reassessment-Time limit for notice-Assessing Officer issued notice under section 148 (old regime) on 30-6-2021-A notice under section 148A(b) was issued on 20-5-2022-Assessee filed a reply on 3-6-2022-Assessing Officer passed an order under section 148A(d) and also issued a notice under section 148 on 28-7-2022-Order passed under section 148A(d) dated 28-7-2022 and notice issued under section 148 dated 28-7-2022 were to be held as beyond time.[S. 148, 148A(b), 148A(d), Art. 226]

S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-Suspicious Transaction Report (STR)-Assessee had fully disclosed income and justified the same in reply filed before authorities-Reassessment notice and consequential orders were quashed and set aside. [S. 148, 148AI(b), 148A(d), Art. 226]

S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-Income from other sources-Real estate development-Stock-in-trade-Absence of any new tangible material and where provisions of section 56(2)(x) were not applicable on merits, initiation of reassessment proceedings was unsustainable.[S. 56(2)(x), 148, 148A(b) 148A(d), Art. 226]

S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-Property held for charitable purposes-Accumulation of income-Once conditions of section 11(2) were satisfied, accumulated income could not be included in total income, and the Assessing Officer had no discretion to deny such benefit-Reassessment notice and consequential order were quashed and set aside. [S.11(2),12A, 139(1),148, 148A(b), 148A(d), Form No 10, R. 17, Art. 226]

S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-Reassessment notice was quashed-Reassessment order based on the quashed order will not survive-Delay of 429 days-SLP of revenue dismissed on account of delay. [S. 148, 148A(b) 148A(d), Art. 136]