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TMI Blog2013 (11) TMI 839X X X X Extracts X X X X X X X X Extracts X X X X ..... been framed under section 147 read with section 143(3) of the Act without issuing notice under section 143(2) of the Act which is the mandatory requirement – Held that:- 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 difference purposes. Reliance has been placed on the judg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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?" Briefly stated the facts giving rise to the present appeal are as follows: The respondent assessee is a partnership firm. For the assessment year 1994-95 the assessee had filed its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ious 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 counsel attended and participated in the proceedings and the reassessment order under section 147 read with section 143(3) of the Act was passed on 26.2.2003. The income from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee 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 precluded from taking any objection in any proceeding or inquiry under this Act that the notice was? (a) not served upon him; or (b) not served upon him in time; or (c) s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uted 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 difference purposes. In the case of Assistant Commissioner of Income Tax vs. Hotel Blue Moon (2010 321 ITR 362 (SC) the Hon'ble Supreme Court has held that if the A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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