9911796707
TMI Blog2013 (11) TMI 839X X X X Extracts X X X X X X X X Extracts X X X X ..... ces of the case the reassessment order passed u/s 143(3)/147 on 28.2.2003 within two years of the service of notice dated 28.3.2001 could be annulled? (2) Whether on the facts and in the circumstances of the case the Tribunal is justified in holding that the issuance of notice u/s 143(2) of the act is mandatory and not procedural and no valid reassessment order culd be passed before issuing the said notice within twelve months? (3) Whether on the facts and in the circumstances of the case in the absence of notice u/s 143(2) prior to the reassessments, such assessments should have been set aside rather than annulling the same, ignoring the law laid down by the Gujrat HIgh Court in the case of CIT vs. Gyan Prakash Gupta 165 ITR 501?" Brief ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... come for Assessment Year 1994-95 filed u/s 139 it is found that you are in receipt of lease rent of Rs. 2,22,600/- which has been shown as income from business and claimed various expenses u/s 28 to 44AC of the I.T.Act, 1961 while the lease rent is assessable under the head 'income from house property'. Please explain as to why the lease rent received may not be treated as income form house property and why the income may not be worked out as per the provisions of Section 23 & 24 of the I.T. Act, 1961 and the expenses claimed under the head income from business as per section 28 to 44AC may not be disallowed vide order sheet entry dated 11.2.2003 the assessee was also asked to produce the copy of the lease deed." The assessee through its c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing proceedings. The effect of Section 292 BB of the Act would be to cure the defect, if any, in the proceedings where no notice has been served upon the assessee and the assessee participates in the proceedings without taking any such objections if no notice has been issued for the purpose. Section 292BB of the Act is reproduced below: "292BB. Notice deemed to be valid in certain circumstances.- Where an assessee has appeared in any proceeding or co-operated in any inquiry relating to an assessment or reassessment, it shall be deemed that any notice under any provision of this Act, which is required to be served upon him, has been duly served upon him in time in accordance with the provisions of this Act and such assessee shall be preclu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or relief made in the return is inadmissible or if he considers it necessary or expedient to ensure that the assessee has not understated the income or has not computed excessive loss or has not under paid the tax in any manner. Time limit for issuing notice under section 143(2) has also been fixed which was earlier twelve months from the end of the month in which the return was furnished now it has been reduced to six months by Finance Act, 2008 with effect from 1st April, 2008. The notice contemplated under section 142(1) of the Act is only in respect of furnishing information on points or matters as the Assessing Officer may require. The two notices contemplated under section 142(1) and under section 143(2) of the Act are for entirely di ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
