S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-Where High Court, while issuing notice in writ petition, permitted assessment proceedings to continue but directed that final assessment order, if passed, shall not be given effect to till disposal of writ petition-High Court ultimately quashing notice under section 148A(b), order under section 148A(d) and notice under section 148-Assessee stating before Supreme Court that it intended to challenge completed assessment order on merits independently and not on grounds urged in writ petition-Revenue’s appeal held not required to be examined and dismissed. [S. 147, 148, 148A(b), 148A(d), Art. 136]

S. 148A : Reassessment-Conducting inquiry and providing opportunity before issue of notice-Information received under risk management strategy framed by CBDT-Approval of Principal Commissioner obtained-AO cannot be compelled to obtain two identical approvals under sections 148A and 151. SLP dismissed. [S. 148, 151, Art. 136]

S. 147 : Reassessment-Cash credits-Addition of unexplained share premium not forming part of recorded reasons for reopening is unsustainable-If no addition is made on issue for which assessment was reopened, no other addition can be made-Reassessment order quashed. [S. 68, 148, 260A]

S. 147: Reassessment-Audit objection-Non-resident-Assessing Officer must apply independent mind-Audit objection is only “information” and not a command to reopen-Reassessment cannot be used to review a concluded scrutiny assessment-Change of opinion not permissible-In absence of failure to disclose fully and truly all material facts, extended period of six years not available-Limitation restricted to four years from end of relevant assessment year-Notice issued beyond four years held barred by limitation-Notice under section 148A(b), order under section 148A(d) and notice under section 148 quashed. [S. 148A(b), 148A(d), 149, Art. 226]

S. 147 : Reassessment-Shell companies-Information from Investigation Wing that assessee raised share capital through paper/shell companies controlled by accommodation entry operator-Assessee failed to furnish crucial details sought by Assessing Officer-Information constituted tangible material having live link with formation of belief that income had escaped assessment-Reassessment notice held valid-Writ petition dismissed. [S. 68, 148, Art. 226]

S. 147 : Reassessment-Face less assessment-Notice under section 148 issued by jurisdictional Assessing Officer held valid despite faceless assessment regime-Approval under section 151 by Joint Commissioner after 1-4-2021 invalid-In search cases, section 147 can be invoked where sections 153A/153C are inapplicable-Limitation for AYs 2013-14 and 2014-15 to be tested in light of TOLA and Ashish Agarwal / Rajeev Bansal-Matter remanded. [[S. 144B, 148, 149(1), proviso 3, 151, 153A, 153C, Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020, s. 3(1), Art. 226]

S. 147 : Reassessment-After the expiry of four years-Business expenditure-Wages and salaries expenditure-Liability on account of retrospective revision in salaries of seconded employees crystallised during relevant assessment year-Full disclosure in accounts-Conditions of section 149(1)(b) not satisfied as escapement not represented in the form of an asset-Order under section 148A(d), notice under section 148 and reassessment proceedings quashed. [S. 37(1), 148, 148A(b), 148A(d), 149(1)(b), Art. 226]

S. 119 : Central Board of Direct Taxes-Circular-Charitable Trust-Delay in filing Form 10B-No mala fide intention in Order rejecting assessee’s application quashed and set aside-Delay condoned.[S. 11, 12, 119(2)(b), Art.226, Form, 10B]

S. 119: Central Board of Direct Taxes-Circular-Charitable trust-Delay of 700 days in filing Form No. 10B-No mala fide intention-Assessee, a registered public charitable trust, could not be denied exemption merely on technical bar of limitation when substantive conditions were satisfied-Order rejecting condonation application quashed-Delay condoned and assessee permitted to upload Form No. 10B. [S. 11, 12, 119(2)(b), Art. 226, Form No. 10B]

S. 80-IB(10) : Housing projects-Amendment by Finance Act, 2006 w.e.f. 1-4-2006-Joint venture development agreement and agreement for sale entered into on 23-11-2005, when s. 80AC was not on statute-For AY 2006-07, deduction u/s 80-IB(10) cannot be denied merely because no claim was made in return filed u/s 139(1)-However, for AYs 2007-08 onwards, in view of express bar in s. 80AC, no deduction allowable where assessee had not claimed deduction in return filed within due date-Plea that s. 80AC is only procedural/directory can be examined only in collateral proceedings under Art. 226 and not in appeal u/s 260A. [S. 80AC, 139(1), 260A, Art. 226]