9911796707
TMI Blog2021 (10) TMI 829X X X X Extracts X X X X X X X X Extracts X X X X ..... e-in-after referred to as "the Act") relevant to the Assessment Year 2000-2001. 2. First, we take up the appeal filed by the assessee bearing ITA No. 1289/Ahd/2016 for A.Y. 2000-01. The assessee has raised the following grounds of appeal: 1. CIT(A) has grievously erred in fact and in law in upholding reopening of the assessment though reopening was illegal in as much as reasons recorded do not have any nexus with the belief that income has escaped the assessment since consideration received for transfer of capital assets having nil cost of acquisition is not chargeable to tax. 2. That CIT(A) further grievously erred in fact and in law in not appreciating that, even otherwise, reassessment was barred by limitation since notice u/s. 143( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntions of both the parties and perused the materials available on record. The provisions for the income escapement assessment as applicable for the year under consideration require Revenue to issue a notice under section 148 of the Act to file the return of income which reads as under: [Issue of notice where income has escaped assessment. 71 148. 72[(1)] Before making the assessment, reassessment or recomputation under section 147, the Assessing Officer shall serve73 on the assessee a notice requiring him to furnish within such period, 74[* * *] as may be specified in the notice, a return of his income or the income of any other person in respect of which he is assessable under this Act during the previous year corresponding to the rele ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er for returns furnished on or before 1-10-2005. In respect of returns filed pursuant to notice under section 148 after 10-1-2005, it is mandatory to serve notice under section 143(2) within the stipulated time-limit. [Para 24] 6.2. In the present case, the controversy arises whether the notice under section 143(2) was served upon the assessee. In this regard we find that, the learned DR has filed a letter written by the DCIT dated 8 November 2021 which reads as under: In this regard it is submitted that the Assessee has conveyed vide letter dated 11/08/2003 that the return of income filed u/s. 139(1) on 30/11/2000 be treated as return filed in response to notice u/s. 148 of the Act. Regarding notice issued u/s. 143(2) on the IT Act, it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 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) served upon him in an improper manner: Provided that nothing contained in this section shall apply where the assessee has raised such objection before the completion of such assessment or reassessment. 6.5. The above provisions safeguards the interest of the Revenue to the extent of non-service of notice or served noti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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