TaxTMI 
TaxTMI 
2024 (2) TMI 1682
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.... raised in appeal by the assessee is as under: (i) Disallowance of provision of expenses Rs. 2,28,58,621/-; (ii) Non-adjudication of additional ground No.1 & 2 pertaining to addition of Rs. 1,23,04,929/- in respect of scheme related expenses and non-consideration of Rs. 2,28,59,621/- in respect of provision for expenses while calculating book profits u/s. 115JB of the Income Tax Act, 1961 [in short 'the Act']; and (iii) Non-issuance of notice u/s. 143(2) of the Act, after revised return of income was filed by the assessee, thus making the assessment order bad in law. 3. Shri Vijay Mehta appearing on behalf of the assessee submitted that at this stage he would be confining his submissions only on ground No.3, wh....
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....DCIT in ITA No.527/Bang/2016 for Assessment Year 2012-13 decided on 03/03/2017 on the ground that there is no status to revised return of income in the eye of law as it is filed merely to rectify any omission or wrong statement made in the original return of income. The ld. Authorized Representative of the assessee submits that the rectification of return and filing of revised return are two different concepts. Rectification of return is made u/s. 139(9) without filing fresh return of income, whereas revised return is filed u/s. 139(5) of the Act. In support of his submissions that rectification of return and filing of revised return are not the same, he placed reliance on the decision of Hon'ble Gujarat High Court in the case of Kunal ....
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....sessee filed revised return of income declaring loss of Rs.15,07,61,625/-. No notice u/s. 143(2) of the Act was issued by the Assessing Officer after assessee filed revised return of income. The Assessing Officer completed the assessment on the revised return of income. The above narrated dates and facts are not in dispute. 7. The short issue before us for consideration is: " Whether the Assessing Officer was under obligation to issue fresh notice u/s. 143(2) of the Act after the assessee had filed revised return of income?" Here it would be imperative to refer to the provisions of section 143(2) of the Act. Section 143(2). " Where a return has been furnished under section 139, or in response to a notice under sub se....
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....(1) of the Act. Thus, it is considered as assessee's final return of income. The Assessing Officer is under obligation to issue notice u/s. 143(2) of the Act in respect of return of income which he accepts for completing the assessment. As pointed earlier, notice u/s. 143(2) of the Act is specific to the return of income, not the Assessment Year. Therefore, we are of considered view that non-issuance of notice u/s. 143(2) of the Act after the assessee had filed revised return of income is an incurable defect and is fatal to the assessment order passed without the said notice. 9. The Tribunal in the case of Yes & Yes Hitech Premier Homes vs. ITO (supra) under similar set of facts held the assessment bad in law in the absence of notice u/s....
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....as invalid, the consequential assessment is bad in law, in view of the principles laid down in the Hon'ble Supreme Court in the case of ACIT vs. Hotel Blue Moon reported in 321 ITR 362 (SC). Further, in view of the position in law that if a revised return is filed u/s.139(5) and if such return is a valid return then the assessment can be completed only on the basis of such revised return as has been held by the Hon'ble High Court of Orissa in the case of Orissa Rural Housing Development Corporation Ltd. reported in 343 ITR 316, the assessment is liable to be annulled. 6. In these circumstances, as notice u/s.143(2) has not been issued in respect of the valid revised return filed by the assessee u/s.139(5) on 26.02.2014, the consequ....