Initiation of reassessment during pendency of Sec. 143(2) proceedings is invalid

Pradeep Sharma Vs. DCIT (ITAT Delhi) It is settled law that unless the return of income already filed is disposed of, notice for reassessment under section 148 of the Income Tax Act, 1961, cannot be issued, i.e., no reassessment proceedings can be initiated so long as assessment proceedings pending on the basis of the return already filed are not terminated. If the assessment is not framed before the expiry of the period of limitation for a particular assessment year, it would have to be assumed that since proceedings had not been opened under section 143(2), the return had been accepted as co...