https://www.taxtmi.com/caselaws?id=314288 ITAT Ahmedabad held that reassessment under section 147 without issuing mandatory notice under section 143(2) lacks jurisdiction and is invalid. The tribunal ruled that section 292BB cannot cure the defect of non-issuance of statutory notice, relying on Gujarat HC precedent. Consequently, penalties under sections 271D and 271E imposed during the invalid assessment proceedings were also quashed. The assessee's cross-objection was allowed while revenue's appeals were dismissed as non-maintainable due to the underlying assessment being held invalid. en-us Tue, 22 Oct 2019 00:00:00 +0530 Thu, 30 May 2024 10:45:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314288 ITAT Ahmedabad held that reassessment under section 147 without issuing mandatory notice under section 143(2) lacks jurisdiction and is invalid. The tribunal ruled that section 292BB cannot cure the defect of non-issuance of statutory notice, relying on Gujarat HC precedent. Consequently, penalties under sections 271D and 271E imposed during the invalid assessment proceedings were also quashed. The assessee's cross-objection was allowed while revenue's appeals were dismissed as non-maintainable due to the underlying assessment being held invalid. Case-Laws Income Tax Tue, 22 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314288