Income Tax reassessment order was quashed for delay in issuing sec.143(2) notice

DCIT Vs Peyusha Shukla (ITAT Raipur) Conclusion: Issuance of a valid notice under section 143(2) was mandatory and non-issuance or belated issuance vitiated the assessment. Accordingly, Tribunal quashed the reassessment order passed under section 147 r.w.s. 144B as being void ab initio. Held: During survey proceedings conducted in the case of M/s Greenwood Four Seasons Pvt. Ltd., of which assessee was Managing Director, it was found that she had claimed deduction of ₹3,05,19,169 under section 54F. Based on her statement recorded during survey, wherein she allegedly admitted to have utilized ...