TaxTMI 
TaxTMI 
2008 (2) TMI 377
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....Seshachala, learned counsel for the appellants and Sri Y. V. Raviraj, learned counsel for the respondent. 2. The Revenue is before us challenging the correctness, proprietary and legality of the order passed by the Income-tax Appellate Tribunal, Bangalore Bench, dated May 17, 2003, passed in I. T. A. No. 313/BANG/1998 for the assessment year 1993-94. The appeal before the Tribunal was also at the....
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...., 1993. This return of the assessee came to be processed under section 143(1)(a) of the Act by the Assessing Officer on September 26, 1994. The Assessing Officer thereafter noticed that a mistake had crept into the intimation. The Assessing Officer instead of disallowing the loss of Rs. 2,39,87,765 being loss on account of share income from partnership concern, has allowed the same. Notice was iss....
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....e notice under section 143(2) of the Act was issued to the assessee on December 18, 1993. Thus, the Appellate Commissioner proceeded to cancel the rectification order by allowing the appeal filed by the assessee. The Revenue feeling aggrieved against this order, preferred an appeal to the Income-tax Appellate Tribunal. The Tribunal was also of the considered view that once a notice under section ....
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.... a summary procedure for quick collection of tax and quick refunds. Under the scheme, if there is a serious objection to any of the orders made by the Assessing Officer determining the income, it is open to the assessee to ask for rectification under section 154. Apart therefrom, the provisions of section 143(1) (a)(i) indicate that the intimation sent under section 143(1) (a) shall be without pre....