Rule 27 Cannot Be Used to Raise New Jurisdictional Challenge: ITAT Hyderabad

ITO Vs Lorven Projects Limited (ITAT Hyderabad) ITAT Hyderabad: Rule 27 Cannot Be Used to Raise New Jurisdictional Challenge; Release Deed Issue Remanded for Verification of Loss Claim The Hyderabad Bench of the Income Tax Appellate Tribunal, Hyderabad Bench dealt with Revenue’s appeal and the assessee’s Rule 27 application for AY 2015-16 in the case of Lorven Projects Ltd. The assessee attempted to challenge the validity of the assessment by invoking Rule 27, contending that NFAC lacked jurisdiction as notices were issued prior to the CBDT notification conferring such powers. The Tribunal...