Anand Sawroop Vs ITO (ITAT Chandigarh)
ITAT Chandigarh held that reassessment order under section 147 of the Income Tax Act cannot be passed without compliance with mandatory requirement of notice under section 143(2) of the Income Tax Act. Thus, order passed u/s. 144 r/w 147 set aside.
Facts- The assessee has sold certain immovable property during the F.Y. 2009-10, the AO recorded reasons to the effect that income to the tune of 30,00,000/- has escaped assessment and it is a fit case to issue notice u/s. 148 of the Act. Notice u/s. 148 dt.31/03/2017 was subsequently issued to the assessee requiring him to file return of income. As per the AO, the assessee has failed to file his return of income till the date of passing of the assessment order and has also not complied to the various notices and therefore, he proceeded and pass the assessment order under section 144 r.w.s 147 of the Act, wherein short term capital gains of Rs. 1,25,81,068/- was determined by the AO on sale of land by the assessee to M/s Himachal Pradesh Power Cooperation Ltd. (HPPCL) u/s. 50C of the Act.
CIT(A) dismissed the appeal. Being aggrieved, the present appeal is filed.
