2018 (4) TMI 1734

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....ppeal under Section 260 A of the Income Tax Act, 1961, is directed against the order dated 28.09.2017 passed by the Income Tax Appellate Tribunal Bench at Agra in ITA No.57/AGR/14 for the assessment year 2010-11 The assessee is an individual carrying a business of brokerage. Search and seizure operation was conducted under section 132 of the Act of 1961 on 11.03.2010 at his residential premises.....

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....53,52,631/- and confirmed the addition of Rs. 29,54,514/- holding that the correct approach would be to apply the peak formula to determine in such transaction which comes to Rs. 29,54,514/- as on 05.03.2010. Aggrieved, Revenue filed an appeal. The Assessee filed cross-objection on the ground of jurisdiction of Assessment Officer regarding non-issue of notice under Section 143 (2) of the Act of ....

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.... section as 143 r.w.s. 153A and that the department had not controverted these facts at the stage of hearing. It is noted that issue of notice u/s 143 (2) for completion of regular assessment in the case of the assessee was a statutory requirement as per the provisions of the Act and non-issuance thereof is not a curable defect. Even in case of block assessment u/s 158 BC, it has been so held by t....

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.... "[(2) Where a return has been furnished under section 139, or in response to a notice under sub-section (1) of section 142, the Assessing Officer or the prescribed incometax authority, as the case may be, if, considers it necessary or expedient to ensure that the assessee has not understated the income or has not computed excessive loss or has not under-paid the tax in any manner, shall serve ....