2024 (4) TMI 142

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....n 17th October 2016 declaring total income at Rs. 2,33,44,585/-. Thereafter assessee filed its revised return of income on 31st August 2017 declaring total income at Rs. 2,33,44,585/-. Subsequently, the return of income was processed under Section 143(1) of the Act on 29th March 2019 assessing total income of Rs. 4,53,21,056/-. The difference in returned income and assessed income was mainly due to denial of set off of unabsorbed business loss of Rs. 2,19,76,471/- against long term capital gain declared by assessee in the return of income. 3. Assessee thereafter filed Rectification Application under Section 154 of the Act against the intimation under Section 143(1) of the Act requesting to allow set off of unabsorbed business loss against ....

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....ferred by Sub Section 1(A) of Section 143 of the Act. 6. We agree with Mr. Ginde that the CPC only acts as a facilitator to the Jurisdictional Assessing Officer (JAO) who holds jurisdiction over assessee under Section 120 of the Act. Merely because the return is processed by CPC, the regular jurisdiction of the JAO is not curtailed and he continues to hold the same jurisdiction. This is evident from the fact that a demand resulting from the processing of a return under Section 143(1) of the Act by CPC is also enforced by the JAO. It is JAO who issues a notice under Section 143 (2) of the Act if the return is to be selected for scrutiny and frames the assessment. We would also add that even under the faceless regime, once the assessment has....

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....20-ITA-1) in which it is noted that the power under Section 263 and 264 of the Act will be exercised by the Jurisdictional Principal Commissioners of Income Tax concerned. Therefore, certainly if the powers can be exercised by the Jurisdictional Principal Commissioners of Income Tax and the faceless regime, certainly it only confirms our view expressed above that CPC only acts as a facilitator to the JAO and merely because the return is processed by CPC the regular jurisdiction of the JAO is not curtailed and he continues to hold the jurisdiction. 9. At this stage, Mr. Sharma on instructions from Mr. Devinder Kumar Gupta, PCIT - 5, who was present in the court, states that it was uncertain whether he could exercise jurisdiction but if the ....