HC slams AO for completing reassessment on ground other than one on which notice of reassessment was issued

Where reassessment notice was issued to tax gain/loss on sale of investments made in mutual funds whereas reassessment order was passed on a completely different ground to tax forfeited share application money, reassessment order was unjustified

Where Assessing Officer passed assessment order under section 147 without first passing a speaking order on objections raised by assessee to issuance of notice under section 148, assessment was unjustified

Refer:[2017] 81 taxmann.com 73 (Madras)