Intimation u/s 143(1) is not an assessment, AO authorized to make reassessment u/s 147 subsequently: SC

Brief of the Case Supreme Court held In the case of ACIT vs. Rajesh Jhaveri Stock Brokers Pvt. Ltd. that Section 147 authorises and permits the Assessing Officer to assess or reassess income chargeable to tax if he has reason to believe that income for any assessment year has escaped assessment. So long as the ingredients of section 147 are fulfilled, the Assessing Officer is free to initiate proceeding under section 147 and failure to take steps under section 143(3) will not render the Assessing Officer powerless to initiate reassessment proceedings even when intimation under section 143(1) h...