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TMI Blog2015 (8) TMI 480X X X X Extracts X X X X X X X X Extracts X X X X ..... n under the aforesaid provision no opinion was formed and, therefore, on this basis, the notice issued was valid. As decided in Asst. CIT v. Rajesh Jhaveri Stock Brokers Private Ltd. [2007 (5) TMI 197 - SUPREME Court] So long as the ingredients of section 147 are fulfilled, the Assessing Officer is free to initiate proceeding under section 147 and failure to take steps under section 143(3) will not render the Assessing Officer powerless to initiate reassessment proceedings even when intimation under section 143(1) The offshoot of the aforesaid discussion is to hold that the judgment of the High Court is erroneous and warrants to be set aside. We allow this appeal setting aside the impugned judgment of the High Court. - Decided in favour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. Even after the said date the assessee was unable to complete the transaction on the pretext that certain dispute had arisen owing to which the assessee did not complete the transaction. The assessee's accounts for the year 1991 had disclosed the amount of ₹ 84,47,112 by it as a current liability under the heading advance against deferred sale of building . In the course of assessment proceedings for the assessment year 1994-95, the Assessing Officer raised a query as to why the capital gains arising on the sale of the premises should not be taxed in the assessment year 1991-92. On this basis, notice dated December 4, 1996, under section 143 read with section 147 of the Income-tax Act was served upon the assessee on the ground ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of an assessment order has been dispensed with and instead an intimation is required to be sent. Vari ous circulars sent by the Central Board of Direct Taxes spell out the intent of the Legislature, i.e., to minimise the Departmental work to scrutinise each and every return and to concentrate on selective scru tiny of returns. These aspects were highlighted by one of us (D. K. Jain J.) in Apogee International Ltd. v. Union of India**. It may be noted above that under the first proviso to the newly substituted sec tion 143(1), with effect from June 1, 1999, except as provided in the provision itself, the acknowledgment of the return shall be deemed to be an intimation under section 143(1) where (a) either no sum is pay able by the assessee, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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