Tribunal Rules Income Tax Assessment Invalid Due to Officer's Lack of Jurisdiction Based on Income Thresholds.

Tribunal Rules Income Tax Assessment Invalid Due to Officer's Lack of Jurisdiction Based on Income Thresholds. https://www.taxtmi.com/highlights?id=77059 Validity of assessment framed u/s 143(3) by Non- jurisdictional ITO - Jurisdiction of AO based on income threshold / monetary limits as per the return of income - The Appellate Tribunal allowed the appeal, primarily focusing on the jurisdictional issue. It held that the notice issued by the Income Tax Officer lacked jurisdiction due to the appellant's income exceeding the threshold. Consequently, the assessment was quashed as void ab initio. en-us Thu, 02 May 2024 08:22:57 +0530 Thu, 02 May 2024 08:22:57 +0530 TaxTMI RSS Generator Tribunal Rules Income Tax Assessment Invalid Due to Officer's Lack of Jurisdiction Based on Income Thresholds. https://www.taxtmi.com/highlights?id=77059 Validity of assessment framed u/s 143(3) by Non- jurisdictional ITO - Jurisdiction of AO based on income threshold / monetary limits as per the return of income - The Appellate Tribunal allowed the appeal, primarily focusing on the jurisdictional issue. It held that the notice issued by the Income Tax Officer lacked jurisdiction due to the appellant's income exceeding the threshold. Consequently, the assessment was quashed as void ab initio. Highlights Income Tax Thu, 02 May 2024 08:22:57 +0530 https://www.taxtmi.com/highlights?id=77059