Notice u/s. 143(2) issued by non-jurisdictional officer is unwarranted: ITAT Delhi

Vipul Mittal Vs DCIT (ITAT Delhi) ITAT Delhi held that notice under section 143(2) of the Income Tax Act issued by ITO, who didn’t have jurisdiction over the assessee, instead of DCIT is unwarranted. Thus, assessment order based on invalid notice is not sustainable. Facts- During assessment proceedings, AO noticed that the assessee has transacted with the scrip of Turbotech Engineering Ltd. (TTE) and observed that the relevant scrip is one of the various scrips which were involved in generation of fictitious long term capital gain. AO treated the TTE scrip as penny stock and by relying on th...