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Issues involved: Appeal u/s 260A of the Income-tax Act, 1961 against the order of the Income-tax Appellate Tribunal for the assessment year 1995-96.
Issue 1: Validity of notice u/s 143(2)(ii) in case of return filed in compliance with notice u/s 148. The Tribunal held the assessment order invalid due to notice u/s 143(2) not issued within prescribed time. The revenue argued that an amendment in section 148 by the Finance Act, 2006 deems such notices valid if issued before the time-limit for assessment. The Court found merit in the revenue's argument and referred to the amended section 148, remanding the matter to the Tribunal for fresh consideration. Issue 2: Validity of assessments completed u/s 143(3)/147 without notice u/s 143(3). The Tribunal's decision was based on Nawal Kishor & Sons Jeweller case, stating non-issuance of notice u/s 143(3) is an irregularity, not a nullity. The Court, however, focused on the amended section 148, which deems notices u/s 143(2) valid if issued before assessment time-limit. Consequently, the Court allowed the appeal, setting aside the Tribunal's order and remanding the matter for reconsideration in light of the amended provision.
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