https://www.taxtmi.com/caselaws?id=241045 The Tribunal held that the notice issued under section 142(1) was valid, overturning the CIT(A)'s decision. The proviso inserted by the Finance Act 2006 allows the AO to issue notices without time restrictions, beyond one year from the end of the assessment year. The Tribunal clarified that sections 142(1) and 147 serve different purposes, with the proviso to section 142(1) not affecting the validity of notices issued under it. The matter was remitted back for a merit-based assessment by the CIT(A), and the appeal by the Revenue was treated as allowed for statistical purposes. en-us Tue, 05 Nov 2013 00:00:00 +0530 Mon, 16 Dec 2013 16:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241045 The Tribunal held that the notice issued under section 142(1) was valid, overturning the CIT(A)'s decision. The proviso inserted by the Finance Act 2006 allows the AO to issue notices without time restrictions, beyond one year from the end of the assessment year. The Tribunal clarified that sections 142(1) and 147 serve different purposes, with the proviso to section 142(1) not affecting the validity of notices issued under it. The matter was remitted back for a merit-based assessment by the CIT(A), and the appeal by the Revenue was treated as allowed for statistical purposes. Case-Laws Income Tax Tue, 05 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241045