Assessment U/s. 147 not valid when time for scrutiny assessment U/s. 143(3) not lapsed

Whether the action of AO for framing the assessment under section 147 is within his jurisdiction though the time for scrutiny assessment under section 143(3) has not lapsed. At the outset, it was noticed that assessee has filed its return of income on dated 23.10.2002 as per the provisions of Sec. 139(1) of the Act for assessment Year 2002-03 which was duly processed under section 143(1) of the Act. Later the AO formed the reason to believe that the income of assessee has escaped from assessment and issued notice under section 148 of the Act on dated 15.7.2003. Here the pertinent point is tha...