Is it compulsory for the tax authorities to issue an order under section 143(3) to close the notice issued under section 142(2)?
What happens if the order has not been issued by the AO within the prescribed time?
Is it deemed to be closed or is there some other procedure to be followed for the same?
If a case is selected for scrutiny, then it is necessary for assessing officer to complete the assessment proceedings and pass an assessment order u/s.143(3) of the act within time limit as specified under the Income tax Act. If no order is passed, then it is belived that the order is deemed to be passed. and assessment proceedings is deemed to be closed for that year.
@ siddharth - For making assessment u/s 143(3) notice u/s 143(2) is to be issued. you have mentioned it as 142(2)
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