https://www.taxtmi.com/caselaws?id=215838 Reassessment initiated under section 148 for alleged undisclosed capital gains requires prior compliance with the notice procedure under section 143(2); absence of a separate s.143(2) notice renders subsequent reassessment invalid. The requirement that an assessing officer issue a notice under s.143(2) after response to a s.142(1) notice is mandatory and cannot be satisfied merely by discussion with the assessee or affixation of signature. Although the substantive contention on whether capital gains are taxable in the hands of the firm was not accepted on merits, failure to follow the mandatory notice procedure vitiated the reassessment and favoured the taxpayer. en-us Tue, 17 Jul 2012 00:00:00 +0530 Wed, 28 Jan 2026 14:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215838 Reassessment initiated under section 148 for alleged undisclosed capital gains requires prior compliance with the notice procedure under section 143(2); absence of a separate s.143(2) notice renders subsequent reassessment invalid. The requirement that an assessing officer issue a notice under s.143(2) after response to a s.142(1) notice is mandatory and cannot be satisfied merely by discussion with the assessee or affixation of signature. Although the substantive contention on whether capital gains are taxable in the hands of the firm was not accepted on merits, failure to follow the mandatory notice procedure vitiated the reassessment and favoured the taxpayer. Case-Laws Income Tax Tue, 17 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215838