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2014 (11) TMI 905 - HC - Income TaxValidity of reassessment proceedings made in absence of any notice issued u/s 143(2) - Whether the Tribunal was right in holding that the assessment proceedings passed u/s 143 (3) r/w 147 is time barred on the ground that the notice u/s 143(2) was issued beyond six months from the end of the financial year in which the return was furnished by relying on the proviso u/s 143(2)(ii) – Held that:- In Sapthagiri Finance & Investments Vs Income Tax Officer [2012 (8) TMI 523 - MADRAS HIGH COURT] it has been rightly held that the notice u/s 143 (2) is mandatory and it should have been served on the assessee before the expiry of six months - in completing the assessment u/s 148 of the Act, compliance of the procedure laid down u/s 142 and 143(2) is mandatory - beyond notice u/s 142(1), there was no notice issued u/s 143(2), and the reassessment was the failure on the part of the assessee in not disclosing the capital gains arising on the transfer of property for assessment and that admittedly the assessee had requested the officer to accept the original return as a return filed in response to Section 148 of the Act, there was total failure on the part of the Revenue from complying with the procedure laid down under Section 143(2) of the Act, which is mandatory one – thus, the order of the Tribunal is upheld – Decided against revenue.
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