9911796707
TMI Blog2012 (5) TMI 689X X X X Extracts X X X X X X X X Extracts X X X X ..... CIAL MEMBER JJ. For the Appellant : Shri K.Viswanatham For the Respondent : Sri B.R. Mahesh ORDER PER SAKTIJIT DEY, JM: This appeal by the Revenue is directed against the order dated 29-1-2010 passed in ITA No.37/ITO(6(3)/CIT(A)-IV/08-09 pertaining to the assessment year 2005-06. 2. The facts of the case, in brief, are that the AO on receipt of information that the assessee had invested a sum of ₹ 10 lakhs in HSBC Mutual Fund, issued a notice u/s 142(1) dated 30-8-2007 calling upon to file a return of income. Since there was no compliance by the assessee, the assessing officer issued a show cause notice to the assessee on 15-11-2007 proposing to complete the assessment u/s 144 by treating the amount of S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as well as the assessment order passed were held to be void. 3. We have heard the rival contentions and perused the material available on record. The only issue to be decided in this appeal is whether notice u/s 142(1) issued after end of one year from the relevant assessment year is barred by limitation or not. At this stage, it is necessary to look into the provisions contained u/s 142(1) of the Act. 142 (1) For the Purpose of making an assessment under this Act, the AO may serve on any person who has made a return (under section 115WD or section 139 (or in whose caswe the time allowed under sub-section (1) of section 139] for furnishing the return has expired] a notice requiring, on a date to be therein specified- (i) Wher ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It is proposed to amend the said clause (i) so as to provide that where a person has not made a return of income before ht end of the relevant assessment year, the AO may serve a notice under this sub-section on him after the end of the relevant assessment year, requiring him to furnish return of income. This amendment will take effect from 1st April, 2006. It is further proposed to provide that the notice referred to in said sub-section for the purposes of said clause served after the end of the relevant assessment year commencing on or after 1st April, 1990 shall be deemed to be a notice served in accordance with the provisions of the aforesaid sub-section. This amendment will take effect retrospectively from 1st April, 1990. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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