Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
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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