Assessment to be made under Section 144, not 143(3), for defective returns: ITAT Delhi

PME Power Projects India Ltd Vs DCIT (ITAT Delhi) ITAT Delhi held that in the event of defective return filed by the assessee, then the same need to be ignored and assessment is to be framed u/s 144. Thus, passing of assessment order under section 143(3) instead of 144 is invalid and liable to be quashed. Facts- The assessee company is engaged in the business of manufacturing of power distribution transformers and EPC projects. The assessee filed its return of income for the Asst Year 2013-14 u/s 139 of the Act declaring income of Rs 107,56,68,480/- with self assessment tax payable of Rs 49,0...