M/s. Rupasi Bangla Agro Industries Pvt. Ltd. vs. Income Tax Officer, Ward – 38(1), Midnapur

Parties Involved

Facts Summary

The assessee, M/s. Rupasi Bangla Agro Industries Pvt. Ltd., is a private limited company engaged in the business of manufacturing goods. For the Assessment Year 2013-14, the assessee declared nil income in its return filed on 28/09/2013. The case was selected for scrutiny under CASS, and the Assessing Officer (AO) issued a notice under sections 143(2) and 142(1) of the Income Tax Act, 1961, asking the assessee to explain the nature and source of alleged share capital and share premium. The AO was not satisfied with the submissions and completed the assessment, making an addition under section 68 of the Act. The assessee appealed to the Commissioner of Income Tax (Appeals) (CIT(A)), but the appeal was unsuccessful. The assessee then appealed to the Income Tax Appellate Tribunal (ITAT).…

Legal Issues

• 1. Whether the assessment order is a nullity as it was framed by the Assessing Officer (AO) not having jurisdiction over the assessee.
• 2. Whether the jurisdictional error in framing the assessment order can be rectified.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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