Case Law Details
PCIT Vs Oberoi Hotels Pvt. Ltd. (Calcutta High Court)
Section 292BB does not dispense with issuance of any notice that is mandated to be issued under the Act, but merely cures the defect of service of such notice if an objection in such regard is not taken before completion of assessment or reassessment as time for issuance of notice under section 143(2) had expired and time for completing reassessment proceedings had run out, failure to issue such notice under section 143(2) would result in entire proceedings, including order of assessment, to be quashed.
FULL TEXT OF THE HIGH COURT ORDER / JUDGMENT
The Court : The substantial questions of law that have arisen are in the context of reassessment proceedings initiated under Section 147 of the Income Tax Act, 1961 pursuant to a notice under Section 148 thereof.
The Appellate Tribunal has quashed the entire reassessment proceedings on the assessee’s assertion that no notice under Section 143(2) of the Act was issued by the Assessing Officer before undertaking the reassessment. The judgment of the Appellate Tribunal is founded primarily on the ratio decidendi in the Supreme Court judgment reported at 321 ITR 362 (Assistant Commissioner of Income Tax v. Hotel Blue Moon). The Revenue is in appeal and says that in view of Section 292BB of the Act, the ground could not have been urged by the assessee before the Appellate Tribunal, particularly, as the assessee participated in course
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