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TMI Blog2016 (3) TMI 502X X X X Extracts X X X X X X X X Extracts X X X X ..... by the judgement of Supreme Court in case of Assistant Commissioner of Income-tax and another v. Hotel Blue Moon reported in (2010 (2) TMI 1 - SUPREME COURT OF INDIA). Though this judgement was rendered in the background of block assessment, nevertheless, it was observed that for any assessment under section 143(3) of the Act, notice under section 143(2) within the time limit would be essential. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... SESSMENT YEAR 1996-97) (A) Whether the Appellate tribunal is right in law and on facts in holding that the reassessment order passed under Section147 was improper and required to be cancelled ? (B) Whether the Appellate Tribunal is right in law and on facts in directing the Assessing Officer to deduct indexed cost of acquisition from full value of sale consideration ? (C) Whether th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in directing the Assessing Officer to allow long term capital loss of ₹ 3,27,082/- ? (D) Whether the Appellate Tribunal is right in law and on facts in not appreciating that the investment made in shares are held by the assessee as stockintrade ? This was on the basis that counsel for the Revenue had pointed out that in Tax Appeal No.151/2006, similar question is being considered b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h this judgement was rendered in the background of block assessment, nevertheless, it was observed that for any assessment under section 143(3) of the Act, notice under section 143(2) within the time limit would be essential. It was held that omission on part of the assessing authority to issue notice under section 143(2) cannot be a procedural irregularity and is not curable and dispensable. W ..... X X X X Extracts X X X X X X X X Extracts X X X X
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