S. 147 : Reassessment-After the expiry of four years-Unexplained money-Information from the ADIT (Investigation)-Purchases and sale of commodities through National Multi-Commodities Exchange (NMCE platform)-Borrowed satisfaction-Not valid in the eyes of law-Non application of mind-Reassessment notice and order disposing the objection is quashed.[S. 69A, 148, Art. 226]

S. 147 : Reassessment-After the expiry of four years-Development agreement-Capital gain tax-Granted a licence to developer-Issue was consideration before the Assessing Officer-No failure to disclose material facts-Reassessment notice and order disposing the objection is quashed.[S. 2(47)(v), 45, 148, Transfer of Property Act, 1882, S.53A, Art. 226]

S. 147 : Reassessment-Special category states-Assessing Officer applied his mind-Proceeding to reopen assessment was actuated merely by a change of opinion and, hence, impugned notice was set aside-Time limit to issue of notice-Sanction obtained satisfaction of Additional Commissioner, an authority who is not covered by provision of section 151(1), as it stood on 1-1-2019, proceeding initiated against assessee-Issuance of notice under section 148 is held to be not in accordance with law-SLP of Revenue is dismissed on account of gross delay of 294 days. Revenue could not explain the delay satisfactorily.[S. 80IC, 148, 149, 151(1), Art.136]

S. 147 : Reassessment-With in four years-Cash credits-Shell companies-Information from Investigation Wing-Recorded reason mechanical manner without application of mind by the Assessing Officer-Mistake-A mistake, which can be corrected under section 292B, should be such that if excised it does not change tenor and scope of documents/proceedings referred to therein-Order of Tribunal quashing the reassessment order is affirmed by the High Court as no substantial question of law-SLP of Revenue is dismissed as the delay of 213 days is not satisfactorily explained. [S. 68, 143(1), 148, 260A, 292B, Art. 136]

S.147: Reassessment-After the expiry of four years-Capital gains-No failure to disclose material facts-Reassessment notice and order disposing the objection is quashed by High Court-SLP of Revenue is dismissed. [S. 48,143(3) 148, Art. 136]

S.147: Reassessment-After the expiry of four years-Development agreement-Capital gain tax-Granted a licence to developer-Issue was consideration before the Assessing Officer-No failure to disclose material facts-Reassessment notice and order disposing the objection is quashed by High Court-SLP of Revenue is dismissed. [S. 2(47)(v), 45, 148, Transfer of Property Act, 1882, S.53A, Art. 136]

S. 144C: Reference to dispute resolution panel-Draft assessment order-Passing of final order-Contrary to law-Mistake could not be cured-Delay of 424 days-SLP of Revenue is dismissed as the delay is not explained properly. [S. 156, 292B, Art. 136]

S. 144B : Faceless Assessment-Personal hearing-Mere creation of video conferencing meeting ID/Link does not absolve Faceless Assessment Unit from discharging its responsibility of offering personal hearing and meeting ID/Link is required to be disclosed/shared, for assessee to log in to said ID/Link, for ensuring compliance of statutory provision of personal hearing as provided for in section 144B(6)(viii)-Assessment order is set aside and matter was remanded back to the Assessing Officer. [S. 144B(6)(viii), Art. 226]

S. 144 : Best judgment assessment-Shift of business premises-Notices were served on old address-Matter remanded to the file of the Assessing Officer, who shall pass final assessment orders on merits after giving a reasonable opportunity of hearing.[S. 143(3), Art. 226]

S. 143 (3): Assessment-Cash credits-Principle of natural justice-Personal hearing is not granted though video conference-In view of Circular dated 6-9-2019 where personal hearing was not technically possible through video conference, then personal hearing ought to be conducted in a designated area in Income-tax office-Matter remanded back to Assessing Officer to give opportunity of hearing to assessee.[S. 68, 263, Art. 226]