Bogus Purchase: ITAT Quashes Reassessment Order on Jurisdiction Grounds

Adarsh Rice Mill Vs ITO (ITAT Raipur) Income Tax Appellate Tribunal (ITAT) Raipur ruled in favor of Adarsh Rice Mill in an appeal challenging the legality of a reassessment order for the Assessment Year 2011–12. The assessee contested the order passed under Section 143(3) read with Section 147 of the Income-tax Act, 1961 by the Income Tax Officer (ITO)-1(1), Raipur. The primary contention was that the assessment was initiated on the basis of a notice under Section 148 issued by ITO-1(3), who lacked jurisdiction over the case. The assessee argued that this jurisdictional defect rendered the r...