TMI Blog2013 (11) TMI 978X X X X Extracts X X X X X X X X Extracts X X X X ..... nder section 143 (2) of the Act within the stipulated period, he can take it that the return filed by him has become final and no scrutiny proceedings are to be started in respect of that return - The provision of Section 292BB of the Act has been inserted by the Finance Act, 2008 w.e.f. 01.04.2008 - The new provision is applicable for the assessment year 2008-09 and certainly not applicable for t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7.30 pm on 30.09.2008. The A.O. has framed assessment ex-parte on a total income of Rs.26,62,724/- by making various additions. The CIT (A) in appeal has given the substantial relief to the assessee. Regarding objection pertaining to the period of twelve months, the CIT (A) observed that objections raised by the assessee was not tenable as per the provisions of the Section 292BB of the Act. Again ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 292 BB shall not be available since the assessment year involved, is not covered." Sri Alok Mathur, learned counsel submits that Section 292BB of the Act was inserted w.e.f. 01.04.2008 but the notice is dated 29.09.2008, which was sent by speed post at 17.17 pm on 30.09.2008. By considering the totality of the facts and circumstances of the case, it appears that the CBDT Circular No.549 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such, his return has become final. In the fact and circumstances mentioned above, it can be safely held that the provision of Section 292BB of the Act has been inserted by the Finance Act, 2008 w.e.f. 01.04.2008. So, the new provision is applicable for the assessment year 2008-09 and certainly not applicable for the assessment year under consideration i.e. 2007-08. So, section 292 BB of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X
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