The assessment was processed u/s 143 (1) of the Act. The  asssessee received notice u/s. 148 of the Act. In the return filed pursuance of notice u/ s148 of the Act, the assessee claimed loss on securities. The loss was disallowed by the AO and also affirmed by the Appellate Tribunal. On appeal the Court held that there was no original assessment order it was only intimation u/s. 143(1) of the Act, which could not be treated as an order. The proceedings u/s.148 was the first assessment and the same could have been done considering all the claims of the asseessee. The Court also observed that in view of deletion of Explanation to section 143 from 1-6-1999, intimation under section 143(1) ceases to be an order for purposes of section 264. The court remitted the matter back to the Assessing Officer to adjudicate the claim. The Court has referred the ratio in CIT v. Sun Engineering Works (P.) Ltd. (1992) 198 ITR 297 (SC), ITO v. Mewalal Dwaraka Prasad  (1989) 176 ITR 529 (SC), ITO v.   K.L. Srihari HUF (2001) 250 ITR 193 (SC) (Larger Bench), ACIT v. Rajesh Jhaveri Stock  Brokers Ltd. (2007) 291 ITR 500 (SC) (ITA No. 392 of 2016 dt. 6-7-2021). (AY. 2007-08)