2014 (9) TMI 1241

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....of notice u/s 148 of the Act is bad in law for the reason that the time for issuance of notice u/s 143(2) of the Act was very much available at the time of initiation of re-assessment proceedings for the reason that validly filed return of income is pending assessment and proceedings have not been terminated or come to an end. For this ld. Counsel for assessee filed copy of judgment of Hon'ble Madras High Court in the case of CIT vs Quatalys Software Technologies Ltd. [2008] 208 ITR 249 (Mad). When this is confronted to the Sr. DR he relied on the orders of the lower authorities. 3. I have heard the rival submissions and gone through the facts and circumstances of the case. I find that the relevant assessment year involved is 2005-06 ....

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....or further details and clarifications, has completed the assessment on December 23, 2005, whereby he has computed the business loss at Rs. 3,46,544 in respect of the unit eligible for deduction under section 10A and brought to tax the interest income mentioned above as "Income from other sources". The appeal against the order at the instance of the assessee to the Commissioner of Income-tax (Appeals) was not successful, though the point of reopening of assessment has been taken before him. The assessee carried the matter on further appeal to the Tribunal. The Tribunal has taken the issue as to whether the Assessing Officer can take action under section 148 when the time for issuing notice under section 143(2) has not expired. After hearing ....