S. 148 : Reassessment-Notice-Notice through his Chartered Accountant-No notice was issued within period of limitation-Service of notice to Chartered Accountant was not valid service of notice-High Court quashed the reassessment notice-SLP delay of 327 days-Explanation rendered for delay was not satisfactory, SLP was dismissed on ground of delay and laches. [S. 149(1)(b), Art. 136]

S. 148 : Reassessment-Notice-Not dealt with the objections-Matter was t remanded back to Assessing Officer to pass a fresh order disposing of objections raised by assessee.[S. 147, Art. 226]

S. 148 : Reassessment-Notice-Without supporting reasons-Notice is quashed and set aside. [S. 147, Art. 226]

S. 148 : Reassessment-Notice-Block period-Satisfaction note was recorded on 27-8-2024-Assessment year 2014-15 fell beyond ten-year block period and, therefore, impugned notice issued under section 148 was barred by limitation.[S. 132,148A(b), 148A(d), 158BC, Art. 226]

S.147: Reassessment–Cash credits-Information from investigation wing-Round tripping-Share subscription agreement and shareholders agreement with KKR Mauritius-Failure on part of assessee to fully and truly disclose material facts-Reassessment notice was valid.[S. 148, Art. 226]

S. 147 : Reassessment-With in four years-Cash credits-Penny stock-Accommodation entries-General information-India Infotech and Software ltd-SRK industries Ltd-Capital gains-Capital loss-Materials based on which said report was prepared had also not been placed on record by revenue-Conclusion arrived at by Assessing Officer was based on suspicion created by information that shares of IISL and SRK were penny stocks. On facts reassessment notice and order disposing the objection was quashed and set aside. [S. 45, 68, 148, Art. 226]

S. 147 : Reassessment-Long term capital gains from equities-Information from Investigation wing-Shown as short term capital gains-The Tribunal held that no material was placed on record to show how Assessing Officer concluded that LTCG exemption had been claimed. On appeal order of Tribunal is affirmed. [S. 10(38) 45, 143(1), 260A]

S. 147 : Reassessment-Long term capital gains from equities-Information from Investigation wing-Accommodation entry-Reassessment is affirmed-Order of Tribunal set aside. [S. 145, 148, 260A]

S.147: Reassessment-After the expiry of four years-Long term capital gains-Penny stock-Cash credits-Accommodation entries-Shell company-Reassessment is held to be valid-Order of Tribunal set aside. [S. 45, 68, 148, 260A]

S.147: Reassessment-After the expiry of four years-Cash credits-Penny stock-Transaction in shares-Information from Investigation Wing-General information-No live nexues-Concluded assessment cannot be reopened.[S.37 (1),68, 143(3), 148, Art. 226]