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The ITAT quashed the reassessment proceedings under s.147 as legally untenable. The AO erroneously applied old provisions despite issuing notice on 01.04.2021 when amended provisions became effective. The assessment was completed hastily without proper investigation, relying merely on STR information from the investigation wing without sharing it with the assessee or considering submitted information. Additionally, the AO failed to issue mandatory notice under s.143(2) for both assessment years, rendering the proceedings void ab initio. The Tribunal clarified that s.292BB cannot cure complete absence of notice (as distinguished from service defects), following Laxman Das Khandelwal. Both procedural failures resulted in the assessment being set aside as jurisdictionally defective.
The ITAT quashed the reassessment proceedings under s.147 as legally untenable. The AO erroneously applied old provisions despite issuing notice on 01.04.2021 when amended provisions became effective. The assessment was completed hastily without proper investigation, relying merely on STR information from the investigation wing without sharing it with the assessee or considering submitted information. Additionally, the AO failed to issue mandatory notice under s.143(2) for both assessment years, rendering the proceedings void ab initio. The Tribunal clarified that s.292BB cannot cure complete absence of notice (as distinguished from service defects), following Laxman Das Khandelwal. Both procedural failures resulted in the assessment being set aside as jurisdictionally defective.
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