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ITAT quashed assessment order due to jurisdictional defect in notice issuance under Section 143(2). While ACIT had pecuniary jurisdiction to conduct assessment of unexplained cash deposits, failure to issue mandatory notice under Section 143(2) rendered the entire assessment proceedings void ab initio. Following precedent set in previous rulings, ITAT held that proper notice issuance is a sine qua non for assuming jurisdiction in assessment proceedings. Department's representative failed to present contrary precedents regarding AO's jurisdiction. Assessment was declared legally invalid and set aside in favor of assessee, emphasizing procedural compliance as fundamental to valid assessment proceedings.
ITAT quashed assessment order due to jurisdictional defect in notice issuance under Section 143(2). While ACIT had pecuniary jurisdiction to conduct assessment of unexplained cash deposits, failure to issue mandatory notice under Section 143(2) rendered the entire assessment proceedings void ab initio. Following precedent set in previous rulings, ITAT held that proper notice issuance is a sine qua non for assuming jurisdiction in assessment proceedings. Department's representative failed to present contrary precedents regarding AO's jurisdiction. Assessment was declared legally invalid and set aside in favor of assessee, emphasizing procedural compliance as fundamental to valid assessment proceedings.
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