S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Capital gains –Penny stock-Report passed by SEBI with respect to investigation of penny stock being allotted on preferential allotment basis by company-Kamalakshi Finance Corporation Ltd. (“KFCL”).-Notional gain on appreciation of share value, without any transfer, cannot form basis for reopening assessment. [S. 148, 148A(b), 148A(d), Art.226]

S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-Application of mind-An order passed under section 148A(d) without considering the assessee’s reply and by raising new allegations for the first time in the order itself is invalid due to non‑application of mind and is liable to be set aside. [S. 148,148A(b) 148A(d), 151, Art. 226]

S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Opportunity of hearing-Order under section 148A(d)-Must be a speaking order-Failure to deal with assessee’s submissions renders order invalid. [S. 45, 148, 148A(b), 148A(d), Art. 226]

S. 148 : Reassessment-Notice-Unsigned notice –Failure to file return-Writ petition held not maintainable for failure to follow procedure laid down in GKN Driveshafts case-Directed to file the return of income along with all objections, including the validity of the notice, before the Assessing Officer for disposal via a speaking order. [S. 139, Art. 226]

S. 148: Reassessment-Notice to non-existent entity-Amalgamation-Notice issued to an amalgamating company is invalid where the basis for reopening collapses. [S. 2(1B),147 292B, Art. 226]

S. 148 : Reassessment-Notice-Amalgamation-Non existing company-Notice to non-existent amalgamating company is fundamentally invalid-Error is not a mere procedural or clerical mistake that can be rectified under section 292B of the Income-tax Act, 1961. [S. 147, 292B, Art. 226]

S. 147: Reassessment-Within four years-Reason to believe-Intimation under S. 143(1)-Reopening notice based on a system-generated alert from the Non-Filer Management System (NMS) without independent application of mind is invalid. [S. 68,139, 143(1), 148, Art. 226]

S. 147: Reassessment-Change of opinion-Enquiry during original assessment-Where Assessing Officer has raised a specific query during original assessment proceedings to which the assessee has replied, the issue is deemed to have been examined-Reopening assessment on the very same issue, even if not discussed in the assessment order, constitutes an impermissible change of opinion. [S. 37(1), 142(1), 148, Art. 226]

S. 147 : Reassessment-Within four years-Change of opinion-Prior period expenditure-Order of tribunal quashing the reassessment is affirmed. [S. 37(1), 260A]

S. 147 : Reassessment-Reason to believe-Jurisdiction-Unexplained money-Notice based on fundamentally wrong facts pertaining to a different entity-Constitutes non-application of mind-Reopening invalid. [S 69A, 148, 151, Art. 226]