Section 80P business attribution: ITAT allows deduction on investment interest and ancillary receipts, but excludes staff-loan and other non-eligible ...
Once a return is filed in response to a notice under section 148, issuance of notice under section 143(2) is a mandatory statutory requirement; non-issuance is not a curable defect. The Tribunal held that the return could not be treated as non est merely because it was filed beyond the period mentioned in the reassessment notice, and read the amended provision harmoniously with the CBDT e-verification clarifications. Since no section 143(2) notice was issued after the return was filed, the reassessment was held bad in law, void ab initio, and quashed; the remaining grounds were left open.
Once a return is filed in response to a notice under section 148, issuance of notice under section 143(2) is a mandatory statutory requirement; non-issuance is not a curable defect. The Tribunal held that the return could not be treated as non est merely because it was filed beyond the period mentioned in the reassessment notice, and read the amended provision harmoniously with the CBDT e-verification clarifications. Since no section 143(2) notice was issued after the return was filed, the reassessment was held bad in law, void ab initio, and quashed; the remaining grounds were left open.
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