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2013 (12) TMI 415 - AT - Income TaxValidity of assessment u/s 143(3) and 144 The initial notice was issued by his predecessor on 15/07/2007, which was issued in time and served on the assessee in time, but, the acknowledgment could not be traced - The fresh notice issued on 26/05/2008 - The assessee submitted the information called for - Held that:- The assessee filed application on 08/09/2008 stating that the initial notice u/s 142 was not served in time - As the assessee has mentioned old address in the return of income filed by him. The notice has been served by the AO at the address mentioned in the return of income In view of the amendment to section 292BB The mistake on account of belated service of notice is a curable mistake. - The assessee has not raised such a plea before the AO, and fully participated in the assessment proceedings, the so-called mistake in serving the notice u/s 143(2) of the Act, stood cured, on account of the assessee's action in ignoring the same and participating in the proceedings - This amendment has been made applicable w.e.f. 1 st April, 2008 - The provision of new section 292BB shall apply to all proceedings which are pending on 1 st April, 2008 Decided against assessee. Addition on account of unsecured loan received The receipt of brokers with respect to the shares is given in the name of the assessee and not in the name of Maya Devi/Singh and on the other hand Ms. Maya Devi had shown the shares in her balance sheet - Held that:- The assessee failed to substantiate his claim by way of material evidence and proper explanation The sources of funds were not properly explained and there were loose ends in the explanation Decided against assessee.
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