Allowing the petition the Court held that once a notice under section 148 was issued and reasons were given thereafter, it was incumbent on part of revenue to have passed a speaking order. Accordingly the reassessment order passed by Assessing Officer was to be set aside and remanded back to Assessing Officer to pass a speaking order. (AY. 2011-12)
Fast Finance (P) Ltd. v. ACIT (OSD) (2022) 446 ITR 378 /286 Taxman 455 (Mad.)(HC)
S. 147 : Reassessment-Speaking order-Order passed without passing a speaking order-Order was set aside-Directed to pass speaking order [S. 143(3), 148, Art. 226]