9911796707
TMI Blog2012 (5) TMI 689X X X X Extracts X X X X X X X X Extracts X X X X ..... upon to file a return of income. Since there was no compliance by the assessee, the assessing officer issued a show cause notice to the assessee on 15-11-2007 proposing to complete the assessment u/s 144 by treating the amount of Rs. 10 lakh as the assessee's unexplained investment for the assessment year under consideration. As the assessee neither appeared before the AO nor replied to the show cause, the AO completed the assessment ex parte u/s 144 by treating the amount of Rs. 10 lakh invested in HSBC Mutual Fund as the assessee's unexplained investment u/s 69 of the Act. An appeal was filed before the CIT (A) challenging the order of the AO. In the course of hearing before the CIT (A), the authorised representative of the assessee conte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rn (under section 115WD or section 139 (or in whose caswe the time allowed under sub-section (1) of section 139] for furnishing the return has expired] a notice requiring, on a date to be therein specified- (i) Where such person has not made a return (within the time allowed under sub-section (1) of section 139 (or before the end of the relevant assessment year] to furnish a return of his income or the income of any other person in respect of which he is assessable under this Act, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed, or [Provided that where any notice has been served under this sub-section for the purposes of this clause after the end of the relevant as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on or after 1st April, 1990 shall be deemed to be a notice served in accordance with the provisions of the aforesaid sub-section. This amendment will take effect retrospectively from 1st April, 1990." A plain reading of section 142(1) along with its proviso and explanations to Notes makes it clear that in a case where no return of income has been filed within the time allowed u/s 139(1) of the Act, the AO is vested with power to issue notice u/s 142(1) even after the end of the relevant assessment year. When there is no express provision limiting issuance of notice u/s 142(1) within the period of one year from the end of the relevant assessment year, no such limitation can be read into the provision. In view of the above, we do not find a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
