Vanshika Motors (P) Ltd. Vs ACIT
Parties Involved
Facts Summary
The assessee, Vanshika Motors (P) Ltd., filed three appeals (ITA Nos. 6212, 6213 & 6214/Del/2017) for Assessment Years 2008-09, 2009-10 & 2010-11 against the CIT(A), Meerut’s orders dated 21.09.2017. The primary issue raised in these appeals is the validity of the second round assessments framed by the learned ACIT, Circle-2, Meerut. The assessee had declared taxable income of Rs.15,00,000/- (i.e., a loss of Rs.2,66,088/-) in its return filed on 14.09.2009. The assessee objected to the Assessing Officer's jurisdiction to frame the assessment, citing CBDT circular No. 1/2011 dated 31.01.2011, which allocates jurisdiction to ITOs only in municipal areas for cases where the returned income is up to Rs.15,00,000/-.…
Decision in favour of
Assessee
Legal Issues
- 1. Validity of the second round assessments framed by the ACIT.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
1 precedent cited in this judgement.