Deepak Kedia vs. ACIT, Circle-43, Kolkata

Parties Involved

Facts Summary

The assessee, Deepak Kedia, filed an income return on 26.11.2014 declaring a total income of Rs. 15,40,690/-. The case was selected for scrutiny based on information from the Investigation wing regarding suspicious transactions in penny stocks. A notice under section 143(2) of the Act was issued on 28.08.2015 and served upon the assessee. The assessment was framed on 27.12.2016 under section 143(3) of the Act by ACIT, Circle-43, Kolkata. The assessee challenged the order on the ground that the ACIT did not have the jurisdiction to issue the notice and frame the assessment as the income declared was less than Rs. 30 Lakh, which should have been handled by the ITO.…

Legal Issues

• 1. Whether the ACIT had the jurisdiction to issue notice u/s 143(2) of the Act and frame the assessment u/s 143(3) of the Act when the income declared was less than Rs. 30 Lakh.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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