1980 (7) TMI 130

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....ntract. Original assessment was completed in his case of the year under-appeal on total in come of Rs. 45,769 but the income was reduced in appeal to Rs. 31,288. According to the ITO, later on, it came to light that by reason of omission and failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment, income chargeable to tax had escaped assessment which should have been assessed in the hands of the assessee for the year under appeal. He, therefore, issued noticed under s. 148 on 29th March, 1966. This notice was served upon the assessee on 5th April, 1966. The assessee field a return on 2nd July, 1966 showing income of Rs. 31,188. Thereafter, the ITO proceeded with the process of assessment a....

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....of any meaning unless it is served within the statutory time and it has been so held by the Courts as pointed out by the AAC. As such there is no need for an interference in the order of the AAC at the instance of the Revenue. 5. We have heard the parties. In our opinion the AAC has correctly axpounded the provisions of law as contained in the following paras of his order: "3. Before the valid assessment or reassessment can be made in terms of s. 147, the notice containing all or any of the requirements which may be included in a notice under sub-s. (2) of s. 139 is required to be served on an assessee according to the provisions of sub-s.(1) of s 148. s. 149(1) requires that in cases falling under cl. (a) of s. 147 the notice under s....