TMI Blog2007 (2) TMI 204X X X X Extracts X X X X X X X X Extracts X X X X ..... a notice under section 148 of the Act?" The appeal relates to the assessment year 1996-97. It is seen that the assessee filed her return of income on July 16, 1998. It is seen that pursuant to the notice under section 148, the assessee filed the return of income on July 16, 1998. The original assessment under section 143(3) in respect of the assessee's husband was completed on March 31, 1999. It was noticed during the course of assessment proceedings that the applicant and her husband had jointly purchased a property on October 26, 1995; that they had paid Rs. 6,00,000 originally and the balance was to be paid at the time of registration. On verification of the books of account of the assessee, the Officer found that the source of funds ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... law as barred by limitation. The assessee contended that once the return was filed pursuant to the notice under section 148, all the consequences or the procedure that has to be followed would be the one pursuant to the notice under section 142(1), or a return filed under section 139. Since the return should be treated to be one filed under section 139, the Tribunal considered this plea and found that considering the scope of section 143(2) and the fact that the Assessing Officer had issued the notice on October 16, 1999, beyond the time limit of twelve months which expired on July 31, 1999, the assessment passed on March 29, 2001, was not a valid assessment. Referring to the decision of the Agra Bench of the Income-tax Appellate Tribunal r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 43(2) had not been served on the assessee within the stipulated time and the return filed pursuant to the notice under section 148, the matter had attained finality; therefore, the proceeding under section 143 had come to an end. A perusal of the provisions of section 148 shows that before proceeding with an assessment or a reassessment or a recomputation under section 147, the Assessing Officer shall serve a notice on the assessee requiring him to furnish within such period as specified in the notice, a return of income in respect of which he is assessable under the Act. The provision also contemplated that a return filed pursuant to a notice shall be treated as if such a return were a return required to be furnished under section 139. L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, reassessment or recomputation as specified in sub-section (2) of section 153, every such notice referred to in this clause shall be deemed to be a valid notice: Provided further that in a case- (a) where a return has been furnished during the period commencing on the 1st day of October, 1991, and ending on the 30th day of September, 2005, in response to a notice served under this section, and (b) subsequently a notice has been served under clause (ii) of subsection (2) of section 143 after the expiry of twelve months specified in the proviso to clause (ii) of sub-section (2) of section 143, but before the expiry of the time limit for making the assessment, reassessment or recomputation as specified in sub-section (2) of section 153 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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