https://www.taxtmi.com/caselaws?id=447211 ITAT Kolkata held that ACIT lacked jurisdiction to issue notice under section 143(2) and frame assessment when assessee's returned income was below Rs. 30 lakh. The case involved scrutiny selection through CASS based on Investigation wing information regarding suspicious long-term capital gains in penny stocks. Following Calcutta HC precedent in PCIT vs. Shree Shoppers Ltd., the tribunal ruled that for corporate assessees in metro cities with returned income under Rs. 30 lakh, jurisdiction lies with ITO, not ACIT. The assessment proceedings were deemed without jurisdiction and decided in favor of the assessee. en-us Fri, 03 Nov 2023 00:00:00 +0530 Wed, 20 Dec 2023 10:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447211 ITAT Kolkata held that ACIT lacked jurisdiction to issue notice under section 143(2) and frame assessment when assessee's returned income was below Rs. 30 lakh. The case involved scrutiny selection through CASS based on Investigation wing information regarding suspicious long-term capital gains in penny stocks. Following Calcutta HC precedent in PCIT vs. Shree Shoppers Ltd., the tribunal ruled that for corporate assessees in metro cities with returned income under Rs. 30 lakh, jurisdiction lies with ITO, not ACIT. The assessment proceedings were deemed without jurisdiction and decided in favor of the assessee. Case-Laws Income Tax Fri, 03 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447211