TaxTMI 
TaxTMI 
2024 (2) TMI 608
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....eed, aquatic health care products, broiler birds, shrimp seeds, processed food and ready to eat chicken products. It filed its return of income for Assessment Year 2018 - 2019 electronically on 30.11.2018 declaring "Nil" income after set-off of brought forward losses of Rs. 353,55,31, 348/-. The same was selected for scrutiny under CASS by issuing a notice under Section 143 (2) of the Act read with Rule 12E of the Income Tax Rules, 1962 on 22.09.2019. The petitioner submitted its reply on 04.10.2019 and the assessment was taken under Faceless Assessment Scheme, 2019. The 3rd Respondent issued notice on 11.12.2020 under Section 142 (1) of the Act wherein after recording the anxiety and uncertainty faced in view of COVID pandemic, required the petitioner to furnish accounts and documents specified in the Annexure to the notice. The petitioner vide its reply dated 04.03.2021, furnished the details / accounts / documents sought for. 2.2. During the course of the above proceeding reference was made to Transfer Pricing Officer (TPO) under Section 92CA (1) of the Act on 13.07.2021 and vide order dated 30.07.2021 the TPO found that the international transactions entered by the Petitione....
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....ondent submitted as under: a) The Writ Petition is not maintainable in view of the availability of alternate remedy. b) That there is no violation of principles of natural justice as adequate opportunities was granted as contemplated under the Act. c) The penal proceedings under Section 271AAC of the Act was initiated for addition made under Section 68 readwith Section 115BE of the Act and penal proceedings under Section 270A of the Act for mis-reporting of income. e) The submissions/documents of the Petitioner/Assessee was considered in the impugned order and dealt with in paragraph 7.6 of the assessment order. It was submitted that there is no variation between the Draft Assessment order and Final Assessment order as submitted by the Petitioner. f) In view of the Amendment to Section 144B of the Act, the proper authority to consider the claim of the petitioner is 1st Respondent herein and not the National Assessment Centre as alleged by the Petitioner and there is no violation of Section 144B(9) of the Act as it is deleted with effect from 01.04.2021. 5. Before proceeding further, I intend to clarify that the argument was confined t....
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....) of section 143 has been issued by the Assessing Officer or the prescribed income-tax authority, as the case may be; or (b) has not furnished his return of income in response to a notice issued under sub-section (1) of section 142 by the Assessing Officer; or (c) has not furnished his return of income under sub-section (l) of Section 48 and a notice under sub-Section (l) of Section 142 has been issued by the Assessing Officer, the National Faceless Assessment Centre shall intimate the assessee that assessment in his case shall be completed in accordance with the procedure laid down under this Section". A reading of the above provision would show that the expression employed in Section 144B (1) (iii) of the Act viz., "shall", is prima-facie indicative of being mandatory, though the same may be rebutted by other considerations such as the object and scope of the enactments and the consequences flowing from such construction. I do not propose to get into the above question for the present. The intimation under Section 144B(1)(iii) of the Act, informs an assessee of the fact that the assessment would be made in terms of Section 144B of the Act, which is important ....
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.... his response to the National Faceless Assessment Centre; (xiii) where the assessee fails to file response to the notice referred to in clause (xi) within the time specified therein or within the extended time, if any, the National Faceless Assessment Centre shall intimate such failure to the assessment unit; (xiv) the assessment unit shall, after taking into account all the relevant material available on the record make in writing, a draft assessment order or, in a case where intimation referred to in clause (xiii) is received from the National Faceless Assessment Centre, make in writing, a draft assessment order to the best of its judgment, either accepting the income or sum payable by, or sum refundable to, the assessee as per his return or making variation to the said income or sum, and send a copy of such order to the National Faceless Assessment Centre;" A reading of the above provisions would show that in the event of an assessee failing to comply with the notice referred to Clause (vi) of Section 144 B of the Act or notice under sub-Section (1) of Section 142 of the Act or with a direction issued under sub-Section (2) of Section 142 of the Act, the Nati....