ITAT Quashes Reassessment Due to Non-Issuance of Mandatory S.143(2) Notice

The ITAT has quashed a reassessment order due to the failure to issue a mandatory notice under Section 143(2) of the Income Tax Act. The case involved an assessment where the tax authorities initiated reassessment proceedings without complying with the requirement of issuing the notice within the prescribed timeline. The ITAT held that the lack of this notice rendered the reassessment invalid, thereby providing relief to the taxpayer. This ruling underscores the importance of adhering to procedural requirements in tax assessments, ensuring that taxpayers' rights are protected under the law.