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Issues: (i) Whether an intimation under section 143(1) could be treated as an assessment order so as to render the revised return filed under section 139(5) invalid; (ii) Whether the notice under section 143(2) was issued within the prescribed limitation period, reckoned from the revised return.
Issue (i): Whether an intimation under section 143(1) could be treated as an assessment order so as to render the revised return filed under section 139(5) invalid.
Analysis: An intimation under section 143(1) is not an assessment order. A revised return filed within the time permitted by section 139(5) remains a valid return and is not rendered non est merely because an intimation under section 143(1) had already been issued.
Conclusion: The revised return was valid, and the objection that it was non est was rejected.
Issue (ii): Whether the notice under section 143(2) was issued within the prescribed limitation period, reckoned from the revised return.
Analysis: For scrutiny under section 143(2), the relevant point for limitation was the financial year in which the revised return was furnished. Since the revised return was filed in financial year 2014-15 and the notice was issued before expiry of six months from the end of that financial year, the notice was within time.
Conclusion: The notice under section 143(2) was valid and within limitation.
Final Conclusion: The legal challenge to the assessment failed, and the assessment proceedings were sustained.
Ratio Decidendi: An intimation under section 143(1) does not amount to an assessment order, and a scrutiny notice under section 143(2) is timely if issued within the statutory period computed from the financial year in which the valid revised return is furnished.
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