S. 292BB – Assessment can not be annulled If no objection regarding valid service of notice was taken before completion of assessment

From the assessment order it is clear that the assessee has not raised any objection as to service of notice u/s 143(2) during the course of assessment proceedings. Therefore, the provisions of Proviso to sec. 292BB will not be pressed into service after completion of assessment. Further CBDT vide Circular No.1 of 2009 clarified that the provisions of sec. 292BB shall be applicable in all proceedings which were pending on 1.04.2008. Hon’ble Punjab & Haryana High Court in the case of CIT vs. Panchvati Motors (P) Ltd. in ITA No.292 of 2008, dated 3.05.2011 has held that in a case where no ...