Failure to Issue Section 143(2) Notice within Prescribed Time Limit Invalidates Reassessment

Vansa Properties Pvt. Ltd. Vs ITO (ITAT Kolkata) In a landmark judgment, ITAT Kolkata has annulled the reassessment made for Vansa Properties Pvt. Ltd. vs ITO on grounds of a procedural lapse. The authorities had failed to issue a notice under Section 143(2) within the prescribed time limit, thus leading to this decision. Analysis: Vansa Properties Pvt. Ltd. challenged the order of the Commissioner of Income Tax, National Faceless Appeal Centre, Delhi, based on a series of grounds. The key contention being that the assessment was flawed as no notice under Section 143(2) was issued by the Asses...