TMI Blog2011 (7) TMI 1286X X X X Extracts X X X X X X X X Extracts X X X X ..... the appellant submits that the appellant is engaged in the business of manufacture and sale of Urea. Further, the appellant has been maintaining books of account as per the provisions contained in Section 209 of the Companies Act read with the accounting guidelines as laid down by the Institute of Chartered Accountants of India. Such financial and other records were subjected to statutory audit under the Companies Act, 1956 as well as for income-tax purposes under Section 44-AB of the Act. On the basis of such audited statements of account, it had compiled its return for the Assessment Year 1997-98 and computed the taxable income, keeping in view various qualifications and reservations as had been spelt out in the statement of taxable inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing Officer passed the regular assessment order under section 143 (3) read with Section 147 without deciding the objections dated 5.9.2002 and the appellant received a communication dated 4.3.2003, from the Assessing Officer, rejecting the objection of the assessee to the validity of initiation of proceedings under section 147. Subsequently, the Assessment Order, as passed in pursuance of notice under Section 148 dated 18.3.2002 was received by the assessee/appellant. Aggrieved by the above referred Assessment Order dated 11.3.2003, the assessee/ appellant filed an appeal under Section 246-A before the Commissioner of Income-tax (Appeals) - I, Lucknow which was dismissed, vide order dated 8.9.2003. Feeling aggrieved, the assessee/a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sion contained in Section 143 (2) is mandatory in nature and it is obligatory for the Assessing Officer to apply his mind to the contents of the return filed in response to notice under Section 148 and thereafter, issue notice under Section 143 (2) before proceeding to decide the controversy regarding escaped assessment; non-issuance of notice under Section 143 (2) after filing of return by assessee vitiated the reassessment proceedings. The same view has been taken by the Delhi High Court in the case of Director of Income-tax Versus Society for Worldwide Interbank Financial Telecommunication [(2010) 40 DTR (Del) 17] and by the Bombay High Court in the case of Allana Cold Storage Ltd. v. Income-tax Officer and others [(2006) 287 ITR (Bom ..... X X X X Extracts X X X X X X X X Extracts X X X X
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