Revenue neutrality in domestic related-party loans can require deletion of interest transfer pricing adjustments after domestic-transaction verificati...
Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43...
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The ITAT held that jurisdiction to issue notice under section 143(2) and to frame assessment under section 143(3) lies exclusively with the DCIT/ACIT of Income Tax 1(1), Raipur, and not with the ITO, Ward 1(4). The assessment framed by the ITO, Ward 1(4), was therefore without jurisdiction, rendering it void ab initio. Consequently, the assessment order dated 28.12.2017 was quashed. Since the assessment was invalid, all subsequent proceedings arising therefrom were declared non est in law. The appeal filed by the assessee was allowed on the ground of lack of jurisdiction, emphasizing that any exercise of power imposing financial liability must be within the legally prescribed jurisdiction to be valid.
The ITAT held that jurisdiction to issue notice under section 143(2) and to frame assessment under section 143(3) lies exclusively with the DCIT/ACIT of Income Tax 1(1), Raipur, and not with the ITO, Ward 1(4). The assessment framed by the ITO, Ward 1(4), was therefore without jurisdiction, rendering it void ab initio. Consequently, the assessment order dated 28.12.2017 was quashed. Since the assessment was invalid, all subsequent proceedings arising therefrom were declared non est in law. The appeal filed by the assessee was allowed on the ground of lack of jurisdiction, emphasizing that any exercise of power imposing financial liability must be within the legally prescribed jurisdiction to be valid.
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