Non-issuance of Section 143(2) notice invalids Section 143(3) Scrutiny Assessment: ITAT Raipur

Balbir Singh Vs ACIT (ITAT Raipur) ITAT Raipur held that assessment framed by AO u/s. 143(3) r.w.s. 147 of the Income Tax Act without issuance of notice under section 143(2) of the Income Tax Act is invalid and cannot be sustained in the eyes of law. Facts- AO observed that though the assessee had received an amount of Rs.94,95,250/- from Naya Raipur Development Authority (NRDA) on 31.03.2012 as sale consideration of 3.998 acres of agricultural land that was sold vide registered sale deed dated 31.03.2012, but had not offered the “capital gain” arising on the said sale transaction for tax....