Madras HC Invalidates Reassessment Without Mandatory Section 143(2) Notice

Siva Industries & Holdings Limited Vs ACIT (Madras High Court) Madras High Court has ruled that an assessment reopened under Section 147 of the Income Tax Act, 1961, and subsequently completed under Section 143(3) of the Act, is invalid if the mandatory notice under Section 143(2) is not issued. This decision came in the appeal filed by Siva Industries & Holdings Limited against an order of the Income Tax Appellate Tribunal (ITAT) “A” Bench, Chennai, dated April 30, 2012. The core of the dispute revolved around whether the Assessing Officer was legally permitted to reopen the asses...