https://www.taxtmi.com/caselaws?id=751977 The ITAT Mumbai quashed reassessment proceedings under Section 147 due to jurisdictional defect. The AO failed to issue mandatory notice under Section 143(2) before finalizing reassessment order. Following Delhi HC precedent in Paramount Biotech Industries Ltd., the tribunal held that notice under Section 143(2) is mandatory even in reassessment proceedings, despite assessee's participation pursuant to Section 148 notice. The reassessment was declared invalid and proceedings were quashed in favor of the assessee. en-us Thu, 25 Apr 2024 00:00:00 +0530 Tue, 30 Apr 2024 15:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751977 The ITAT Mumbai quashed reassessment proceedings under Section 147 due to jurisdictional defect. The AO failed to issue mandatory notice under Section 143(2) before finalizing reassessment order. Following Delhi HC precedent in Paramount Biotech Industries Ltd., the tribunal held that notice under Section 143(2) is mandatory even in reassessment proceedings, despite assessee's participation pursuant to Section 148 notice. The reassessment was declared invalid and proceedings were quashed in favor of the assessee. Case-Laws Income Tax Thu, 25 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751977