TMI Blog2012 (5) TMI 766X X X X Extracts X X X X X X X X Extracts X X X X ..... specific saver provided under the Act by way of section 292BB because section 292BB of the Income Tax Act, 1961 provides that; Where an assessee has appeared in any proceedings or co-operated in any inquiry relating to an 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 jupon 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 ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e thereto Shri Pradeep Bansal, CA, counsel of the assessee appeared along with Shri V.P. Sharma, husband of Smt. Neena Sharma, partner of the assessee firm and attended the assessment proceedings from time to time. The Assessing Officer completed assessment on 29.12.2009 assessing the total income at ₹ 46,20,530/- as against returned income of ₹ 1,87,650/-. 3. On appeal, the assessee challenged the additions made on the ground of merits as well as assumption of jurisdiction that assessment was made u/s 143(3) without serving valid notice under sec. 143(2). The learned CIT(A) after detailed discussion and relying on various decisions observed that there has been no valid service of notice issued u/s 143(2) of the Act upon the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee Shri Pradeep Bansal has attended the proceedings. He further submitted that provisions of sec. 292BB are applicable for all the pending proceedings as on 1.04.2008 and since notice u/s 143(2) was served through affixture on 30th September, 2008, the provisions of sec. 292BB were applicable. Accordingly, the learned CIT(A) was not justified in cancelling the assessment. On the other hand, the learned AR of the assessee supported the order of CIT(A) by submitting that notice u/s 143(2) was not served on the assessee. 5. We have heard both the parties and gone through the material available on record. In this case, the AO issued notice u/s 143(2) and 142(1), in response thereto Shri Pradeep Bansal, CA, the AR of the assessee attended ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the provisions of sec. 292BB shall be applicable in all proceedings which were pending on 1.04.2008. Hon ble Punjab Haryana High Court in the case of CIT vs. Panchvati Motors (P) Ltd. in ITA No.292 of 2008, dated 3.05.2011 has held that in a case where no objection regarding valid service was taken before the completion of assessment, provisions of sec. 292BB will be applicable to all pending assessments as on 1.04.2008. Since the provisions of sec. 292BB(1) are applicable for Assessment Year in question as the proceedings were pending as on that date and the assessee had not raised any objection during the course of assessment proceedings and had participated in the assessment proceedings, the assessment cannot be annulled on the groun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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