K.A. Wires Ltd Vs ITO (ITAT Kolkata)
The Income Tax Appellate Tribunal, Kolkata Bench, considered the assessee’s appeal against the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2012-13. The assessee, engaged in the business of zinc manufacturing, had filed its return declaring a loss. The Assessing Officer completed the assessment under Section 143(3) of the Income-tax Act, 1961, determining positive income after making an addition under Section 68 in respect of share capital and share premium received from three associate companies. The Commissioner (Appeals) upheld the assessment, leading to the present appeal.
Before the Tribunal, the assessee sought admission of an additional ground challenging the validity of the assessment on the basis that no valid notice under Section 143(2) had been issued by the Assessing Officer having jurisdiction over the assessee within the prescribed time. The assessee submitted that its jurisdiction had always remained with ITO, Ward-8(3), Kolkata, while the notice under Section 143(2) dated 06.08.2013 had been issued by ITO, Ward-33(1), Kolkata, who did not have jurisdiction over it. The assessee further contended that there had been no change in its address, PAN details or jurisdiction during the relevant and surrounding assessment years, and that all returns had been filed before the jurisdictional officer. On merits, it was also submitted that all investments were made by group companies and documents establishing identity, creditworthiness and genuineness had been furnished.
