Issue before Tribunal:
Whether assessing officer assigns jurisdiction to frame an assessment u/s 147 when no notice u/s 143 (2) was issued?
Brief facts:
- Proceedings u/s 147/148 of the Act were initiated by the AO after recording the reasons and the notice u/s 148 of the Act dated 06.03.2013 was issued and duly served in the office of CEO, Noida Authority on 12.03.2013. As per the said notice the assessee was required to file its return of income within 30 days from the date of the service of the notice.
- Notice u/s 142 (1) was issued but no notice u/s 143 (2) was issued.
- The return of income was filed on 13.12.2013 declaring Nil income. The AO noticed that the assessee had mentioned that it was not liable for audit u/s 44AB of the Act. However, alongwith return, balance sheet and income & expenditure account accompanied with schedules and notes on account was furnished.
- IT was observed by the AO that assessee lost exemption and claim of local authority with regard to section 10 (20) as a result of decision in favour of revenue in a writ petition filed by authority before Hon’ble Allahabad High Court.
- The AO added the amount of Rs. 4,51,57,86,991/- to the income of the assessee by observing that the assessee had not disclosed taxable income in its Income Tax Return.
- The AO further added Rs. 1,15,86,36,500/- out of the expenses by observing that the assessee had furnished no evidence of any nature.
- On appeal CIT (A) upheld the assessment order and held no objection of any procedural error was taken before AO.
Contention of the Revenue:
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