S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-Sale of immovable property-Failure to reply-Reasonable cause-In view of submissions made by assessee, assessment order and penalty order is set aside on condition that assessee would remit a sum towards income tax demand, as agreed to, and submit a reply to show cause notice-Matter remanded- Petitioner is directed to deposit Rs .2,00,000 lakhs towards income -tax demand . [S. 143(3), 148, 148A(b) 148A(d),Art. 226]