Assessment Quashed: NFAC Lacked Jurisdiction Prior to 29.03.2022, Holds ITAT Kolkata

Nabiul Industrial Metal Pvt. Ltd Vs ITO (ITAT Kolkata) In a recent ruling, the Income Tax Appellate Tribunal (ITAT) of Kolkata has allowed an appeal filed by Nabiul Industrial Metal Pvt. Ltd., nullifying a tax assessment and a demand of ₹15,00,000. The tribunal’s decision hinged not on the merits of the tax addition but on a legal challenge concerning the timing and jurisdiction of the National Faceless Assessment Centre (NFAC) in conducting the proceedings. The judgment has implications for the procedural application of the e-Assessment of Income Escaping Assessment Scheme, 2022. The ...