147. 143(3): (SC), ( Revenue Favor): The Assessing Officer is free to initiate proceedings under section 147 and failure to take steps under section 143(3) will not render the Assessing Officer powerless.

Key Word : The Assessing Officer is free to initiate proceedings under section 147 and failure to take steps under section 143(3) will not render the Assessing Officer powerless

Court : SUPREME COURT

Section : 147

Name of the case : ACIT Vs Rajesh Jhaveri Stock Brokers (P.) Ltd

Citation : [2007] 161 Taxman 316 (SC)/ [2007] 291 ITR 500 (SC)/ [2007] 210 CTR 30 (SC)
So long as the conditions of section 147 are fulfilled, the Assessing Officer is free to initiate proceedings under section 147 and failure to take steps under section 143(3) will not render the Assessing Officer powerless to initiate reassessment proceedings, even when intimation under section 143(1) has been issued ADANI EXPORTS v. DCIT[1999] 240 ITR 224 (Guj) distinguished.