TMI Blog2018 (4) TMI 1734X X X X Extracts X X X X X X X X Extracts X X X X ..... sessment u/s 143 (3) of the Act; although the ld CIT has mentioned the section as 143 r.w.s. 153A and that the department had not controverted these facts at the stage of hearing. It is noted that issue of notice u/s 143 (2) for completion of regular assessment in the case of the assessee was a statutory requirement as per the provisions of the Act and non-issuance thereof is not a curable defect. Even in case of block assessment u/s 158 BC, it has been so held by the Apex court in the case of 'ACIT Vs. Hotel Blue Moon' [ 2010 (2) TMI 1 - SUPREME COURT] Assessment order is passes without issue of notice u/s 143 (3) of the Act and this defect can not be cured by taking recourse to the provisions of section 292 BB of the Act. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... found in locker weighing 686.4 gms stood explained in view of circular No.1916 and further deleted the addition of ₹ 29,23,98,117/- out of ₹ 29,53,52,631/- and confirmed the addition of ₹ 29,54,514/- holding that the correct approach would be to apply the peak formula to determine in such transaction which comes to ₹ 29,54,514/- as on 05.03.2010. Aggrieved, Revenue filed an appeal. The Assessee filed cross-objection on the ground of jurisdiction of Assessment Officer regarding non-issue of notice under Section 143 (2) of the Act of 1961. The Tribunal vide impugned order upheld the cross-objection and quashed the entire reassessment proceedings on the finding that the same stood vitiated as the Assessment Of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oundation of the assessment proceedings is bad in law. Hence, these proceedings culminating in the assessment order, as well as the impugned order stand quashed. Nothing else remains to be adjudicated. In consequence, the revenue's appeal in ITA No.57/AGR/2014 is dismissed. Sub-section (2) of Section 143 of the Act of 1961 envisages : [(2) Where a return has been furnished under section 139, or in response to a notice under sub-section (1) of section 142, the Assessing Officer or the prescribed incometax authority, as the case may be, if, considers it necessary or expedient to ensure that the assessee has not understated the income or has not computed excessive loss or has not under-paid the tax in any manner, shal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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