S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Rejection of rectification application-Violation of principle of natural justice-Notice and assessment order was quashed-Cost was imposed on the Revenue-The respondents were directed to pay cost of Rs. 50,000 to the assessee. [S. 147, 148, 148A(b), 148A(d), 154, Art. 226]

S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Failure to consider the reply of assessee-Verification-Order and subsequent notice for reopening of assessment was quashed-Matter was remanded to pass a fresh reasoned order. [S. 147, 148A(b), 148A(c), 148A(d), Form, 26AS, Art. 226]

S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-No material or report produced which was basis for information to reopen assessment-Order and notice quashed and set aside-Department given liberty to furnish additional materials in support of allegations made in show-cause notice and proceed in accordance with law. [S. 147, 148, 148A(b), 148A(d), Art. 226]

S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Conducting an enquiry is mandatory-Failure to consider reply to show cause notice-Order and subsequent notice was quashed-Matter remanded. [S. 147, 148, 148A(b), 148A(c),148A(d), Art.226]

S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Cash deposited-Notice after three years-Material available on record-Less than 50 Lakhs-Notice not valid. [S. 148, 148(a)(d), 149, Art. 226]

S. 148 : Reassessment-Notice-Liberty to assessee to file return under protest within one month without prejudice to his rights and contentions and seek reasons recorded-Order of High Court is affirmed with direction. [S. 147, Art. 226]

S. 147 : Reassessment-No objection raised to notice of reassessment in the assessment and appeal before CIT(A)-Participating in reassessment proceedings-Tribunal considering material on record and upholding reassessment proceedings-Order of Tribunal is up held. [S.143(1), 148, 260A]

S. 147 : Reassessment-Subsequent discovery by Income-Tax Investigation wing that transaction was bogus-The notice of reassessment is valid. [S. 148, Art. 226]

S. 147 : Reassessment-Order passed without considering objections to notice of reassessment-Order not valid. [S. 148, Art. 226]

S. 147 : Reassessment-Material leading to prima facie belief that income had escaped assessment-Reassessment notice is valid. [S. 148, Art. 226]