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TMI Blog2012 (1) TMI 287X X X X Extracts X X X X X X X X Extracts X X X X ..... e circumstances 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 conforming the order of the CIT (A) in annulling the reassessment order passed u/s 143(3)/147 of the Act on the ground that no notice u/s 143(2) was ever issued or served on the assessee? (3) 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 could be passed before issuing the said notice within twelve months? (4) Whet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in response to notice issued under section 148 of the Act. It appears that without issuing notice under section 143(2) of the Act the Assessing Officer straight away proceeded to issue notice dated 7th January, 2003 under section 142(1) of Act calling upon the assesseee to explain on the following issue: On perusal of his return of income for Assessment Year 1993-94 filed u/s 139 it is found that you are in receipt of lease rent of ₹ 2,42,400/- 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 pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the Commissioner of Income Tax (Appeals) as affirmed by the Tribunal is erroneous inasmuch as it had failed to consider the effect of Section 292 BB of the Act which has been inserted by Finance Act, 2008, with effect from 1st April, 2008. The provisions of this section being procedural in nature will apply retrospectively and shall apply to all the pending 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessing Officer to serve on the assessee a notice requiring him on a date to be specified therein, either to attend his office or to produce, or cause to be produced, any evidence on which the asessee may rely in support of the return. This notice is required to be served if the Assessing Officer has reasons to believe that any claim of loss, exemption, deduction, allowance 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 re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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