Notice Period u/s 143(2) slashed :

Any kind of discrepancy (like understating income) in your IT return form furnished after 1 April 2008 would be brought to your attention, soon. The IT department has virtually halved the period on this, from the earlier 12 months to the current six.
It asks for a notice to be issued under Section 143 (2) to the assessee within a period of 12 months of furnishing the returns. This made the notices received after the 12-month period invalid.
However new section 292 BB has been inserted to iron out such implications. Once the assessee has appeared in any of the IT proceedings or co-operated in any inquiry related to assessment or reassessment, such assessee cannot take objection to any proceedings or inquiry under the pretext that:
1) That the notice was not served upon him;
2) Not served upon him in time;
3) Served upon him in an improper manner.