R A Realtors Pvt. Ltd. vs. ITO, Ward-13(1), Kolkata

Parties Involved

Facts Summary

The assessee, R A Realtors Pvt. Ltd., filed its return of income declaring total income as Nil for the assessment year 2012-13. The case was selected for scrutiny under CASS. During the assessment proceedings, the Assessing Officer noticed that the assessee received share capital amounting to Rs.2,61,00,000/-. Subsequently, notices under sections 143(2) and 142(1) were issued. The Assessing Officer added Rs.2,61,00,000/- under section 68 of the Income-tax Act. Aggrieved by this order, the assessee appealed to the CIT(A), which dismissed the appeal. The assessee then appealed to the Income Tax Appellate Tribunal, arguing that the Assessing Officer lacked jurisdiction to issue the notice and conduct the assessment due to the pecuniary limit as prescribed in CBDT Instruction No.1/2011.…

Legal Issues

• 1. Whether the Assessing Officer had the jurisdiction to issue the notice under section 143(2) and conduct the assessment.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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