https://www.taxtmi.com/caselaws?id=121517 The Tribunal upheld the validity of the notice issued under section 148(1), allowing the Assessing Officer (AO) to proceed with reassessment despite the pending time for issuing a notice under section 143(2). The Tribunal concluded that once a return is processed or acknowledged, the proceedings initiated by filing the return are terminated, permitting the AO to issue a notice under section 148(1). The Tribunal dismissed the assessee's contention, affirming that section 147 is a complete code for assessing escaped income and should not be restricted by section 143(2) timelines. en-us Mon, 16 Mar 2009 00:00:00 +0530 Wed, 25 Oct 2023 17:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121517 The Tribunal upheld the validity of the notice issued under section 148(1), allowing the Assessing Officer (AO) to proceed with reassessment despite the pending time for issuing a notice under section 143(2). The Tribunal concluded that once a return is processed or acknowledged, the proceedings initiated by filing the return are terminated, permitting the AO to issue a notice under section 148(1). The Tribunal dismissed the assessee's contention, affirming that section 147 is a complete code for assessing escaped income and should not be restricted by section 143(2) timelines. Case-Laws Income Tax Mon, 16 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121517