Reassessment is invalid when assessment is pending: Madras HC

CIT Vs Super Spinning Mills Ltd. (Madras High Court) In a recent ruling Hon’ble Madras HC dismissed appeal filed by revenue by holding that assessment in the case of assessee is pending when notice u/s 148 for reassessment was issued which is not sustainable in the eye of law. Return for AY 2002-03 was filed on 30.10.2002 and an intimation under Section 143(1) was issued on 19.12.2003. A Revised return was filed on 23.03.2004 for which notice u/s 143 (2) can be issued up to 31.03.2005. AO issued notice u/s 148 on 09.07.2004. Assessee argued that issue in question is directly covered from...