Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
ITAT held the assessment void for want of jurisdiction because notice under s.143(2) was never served on the assessee (notice returned undelivered and no subsequent notice issued before the cut-off). The Tribunal rejected reliance on service by speed post where actual service did not occur and found the proviso to s.292BB inapplicable, thereby negating any deemed service under the main limb of s.292BB. Consequently the assessment completed without a jurisdictional s.143(2) notice was set aside and the appeal by the assessee was allowed, with the assessment nullified for lack of jurisdiction.
ITAT held the assessment void for want of jurisdiction because notice under s.143(2) was never served on the assessee (notice returned undelivered and no subsequent notice issued before the cut-off). The Tribunal rejected reliance on service by speed post where actual service did not occur and found the proviso to s.292BB inapplicable, thereby negating any deemed service under the main limb of s.292BB. Consequently the assessment completed without a jurisdictional s.143(2) notice was set aside and the appeal by the assessee was allowed, with the assessment nullified for lack of jurisdiction.
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TaxTMI 
TaxTMI 
of 4915 
