INCOME TAX ACT, 1961

Section 143(3) Section 153C

Assessment - Validity - Assessment framed under section 143(3) -

On the basis of search operation and post search enquiries and survey under section 133A at the premises of Rishav Trading Company and details of bank account of Shri Manoj Kumar Jain in the name of his proprietorship firm M/s. Rishav Trading Company, the AO concluded that the assessee was involved in the business of entry providing. He, therefore, issued notice under section 153C for the assessment year 2005-06 to 2010-11 on 18-9-2012 and notice under section 142(1) for assessment year 2011-12 on 18-9-2012. Assessee objected to the issue of notice under section 153C. AO framed assessment under section 143(3). Later on, assessee contended that assessment framed under section 143(3) for the period under consideration (assessment year 2011-12) which fell in six years block prescribed under section 153C was invalid, void-ab-initio and lacked jurisdiction as it should have been framed under section 153C. Revenue's case was that during assessment proceedings assessee had objected to issuance of notice under section 153C, whereas after completion of assessment assessee was arguing that the assessment should have been completed under section 153C. This showed that assessee was willfully trying to mislead the Tribunal regarding stand taken by it during assessment proceedings where it objected to issue of notice under section 153C. Held: At various places in the order sheet entries, copies of which were produced by assessee, it was mentioned that notice under section 153C had been issued and assessment was completed under section 153C. Since AO had issued notice under section 153C and assessment was completed under section 153C, there was no substance in the additional grounds raised by assessee.

REFERRED :

FAVOUR : Against the assessee.

A.Y. : 2011-12

INCOME TAX ACT, 1961

Section 68

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