TaxTMI 
TaxTMI 
TaxTMI 
2019 (5) TMI 731
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....acts of the case are that in this case return of income was filed on 27.08.2002 declaring total income of Rs. 11,509/- which was processed under section 143(1) of the Income Tax Act, 1961. The assessee-company has accepted the share application money of Rs. 9,50,000/- from M/s. MKM Finsec Private Ltd., which was operated by accommodation entry provider. The assessment was reopened by issuing notice under section 148 on 23.03.2009. The A.O. in the absence of any evidence on record, made the addition of Rs. 9,50,000/- on account of unexplained cash credit. 2.1. The assessee filed the appeal before the Ld. CIT(A) and raising several grounds of appeal challenging the addition on merit of Rs. 9,50,000/- as well as challenged the reassessment o....
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....eason that no notice under section 148 had been served upon the assessee within the time prescribed under the Law. It is also contended that the correct address of the assessee was F-55D, GTB Enclave, New Delhi was known to the Revenue, therefore, entire reassessment order is null and void 5. Learned Counsel for the Assessee reiterated the grounds mentioned above. With regard to service of notice under section 148 of the Income Tax Act, he has referred to PB-3 and PB-6 which are Orders for A.Ys. 2005-2006 and 2006-2007 under section 143(3) Dated 27.11.2007 and 26.12.2008 respectively in which the AO has mentioned address of assessee at F-55D, GTB Enclave, New Delhi. PB- 4 in additional paper book is record of speed post where address of a....
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....vt. Ltd., in ITA.No.665 of 2015 Dated 21.09.2015 in which the Hon'ble Delhi High Court has referred to their decision in the case of CIT vs. Chetan Gupta vide Order Dated 15.09.2015 in ITA.No.72 of 2014 in which it was held that "it is legal requirement of service of notice upon the assessee in terms of Section 148 read with section 282(1) and Section 153(2) of the Income Tax Act, is a jurisdictional precondition to finalize the reassessment". It was further held that "reassessment proceedings finalized by the A.O. without effecting proper service of notice on the assessee under section 148(1) of the Act, is invalid and liable to be quashed". It was further held that "Section-292BB is prospective in nature". In any event, the assessee in th....
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....hich it was held that notice under section 143(2) sent by registered post, when did not returned back, there is a presumption that the same have been served upon the assessee. He has submitted that since assessee made compliance later on, therefore, this issue cannot be raised. 7. We have heard the Learned Representatives of both the parties and perused the material available on record. In the present case, Ld. D.R. was directed to produce the assessment record for perusal of the Bench. Sufficient opportunity was given to the Department to produce the reassessment record.However, on the date fixed for hearing, the Ld. D.R. failed to produce the reassessment record for perusal of the Bench. According to Section 148(1) of the Income Tax Act....
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....contained in this section shall apply where the assessee has raised such objection before the completion of such assessment or reassessment.". 7.1. it is well settled Law that substantive provisions are prospective in nature. It is also held in the case of Atlanta Capital Pvt. Ltd., (supra), that Section 292BB is prospective in nature, therefore, this Section would not apply to assessment year under appeal. Further, the assessee at the re-assessment stage vide letter Dated 15.10.2009 has raised the objection before the A.O. that no notice under section 148 have been served upon the assessee and that the said notice has become time barred, therefore, the assessee has raised the objection at the first instance before the A.O. about service ....