https://www.taxtmi.com/caselaws?id=765535 ITAT Kolkata quashed an assessment order where unexplained cash deposits were treated as undisclosed income. The court held that non-issuance of notice under section 143(2) by the competent ACIT rendered the assessment invalid. Following the SC precedent in ACIT vs. Hotel Blue Moon, the tribunal ruled that notice under section 143(2) is mandatory to assume jurisdiction for assessment proceedings. Since the authorized officer failed to issue the required notice, the entire assessment was deemed bad in law and quashed in favor of the assessee. en-us Thu, 30 Jan 2025 00:00:00 +0530 Mon, 03 Feb 2025 08:13:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765535 ITAT Kolkata quashed an assessment order where unexplained cash deposits were treated as undisclosed income. The court held that non-issuance of notice under section 143(2) by the competent ACIT rendered the assessment invalid. Following the SC precedent in ACIT vs. Hotel Blue Moon, the tribunal ruled that notice under section 143(2) is mandatory to assume jurisdiction for assessment proceedings. Since the authorized officer failed to issue the required notice, the entire assessment was deemed bad in law and quashed in favor of the assessee. Case-Laws Income Tax Thu, 30 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765535