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]

S.147: Reassessment-After the expiry of four years-Cash credits-Bogus transactions-Violation of principle of natural justice-Objections of assessee were not disposed of before passing of assessment order, entire proceedings were vitiated and matter was to be remanded back to Assessing Officer.[S. 68, 148, Art. 226.]

S. 147 : Reassessment-Cash credits-Change of opinion-Reassessment notice and order was quashed by High Court-SLP of revenue was dismissed on account of delay of 308 days in filing SLP which had not been satisfactorily explained and also on merits.[S. 68, 148, Art, 136]

S. 145 : Method of accounting-No defects in the books of account-Estimate of net profit of 10% solely on basis of assessee’s earlier declaration before Settlement Commission is held to be not justified-Order of Tribunal deleting the addition is affirmed.[S. 144, 260A]