S. 149: Reassessment-Time limit for notice-Cash deposit-The AO assumed jurisdiction by passing an order under s. 148A(d) on the basis of incorrect information-Notice beyond three years from the end of the relevant assessment year-The notice issued by the AO under S. 148 dt. 28th April, 2022, is illegal, void ab initio and consequently, the assessment order passed was quashed. [S. 143(3), 147, 148, 148A(b), 148A(d)]

S. 147 : Reassessment-Search-Loose papers-Satisfaction-The Assessing Officer ought to have initiated action under section 153C-Reassessment was quashed and set aside. [S. 132, 148, 153C]

S. 147: Reassessment-Reason to believe-Information received from Dy. CIT(E)-No live link or rational belief in the reasons recorded-AO should not act on the dictate of any other authority like Dy. CIT(E)-Reassessment was quashed. [S. 11, 13(1)(a), 148]

S. 147: Reassessment-Information from Investigation-Wing-No tangible material-No application of mind-Reassessment notice and consequential order were quashed as illegal.[S.143(3) 148]

S. 147: Reassessment-No failure to disclose material facts-Notices issued under S. 148 under the new regime for the relevant asst. yrs. 2014-15 and 2016-17 on 25th July, 2022 and 26th July, 2022, respectively, were barred by limitation-Reassessment proceedings are quashed.[S. 148, 148A(b)]

S. 145: Method of accounting-Rejection of books of account-Estimation of gross profit-No comparative cases-GP declared was more than earlier years-Addition was deleted-ERP software expenses as revenue expenditure cannot be accepted-Purchase invoices were produced before the Assessing Officer-No violation of R.46A [S.37 (1), 145(3) 251, R.46A]

S. 145: Method of accounting-Builder and developer-Project completion method-Advances received by the assessee from the customers cannot be taxed in this year when the same have been adjusted in the sales in the assessment year 2018-19

S. 143(2): Assessment-Notice-Physical copy of the notice has not been brought on record-Reassessment is bad in law. [S. 147, 148]

S. 143(2): Assessment-Notice-Notice sent to wrong address-Assessment order was illegal and void ab initio. [S. 143(3), 282(1)(b)/(c)/ (d).]

S. 115V-I: Shipping business-Shipping income-Interest from deposits with banks-AO is directed to treat the interest income as part of the profits from core shipping activities carried on by the assessee as business income. [S.115VJ]