Section 120 Jurisdiction Must Follow CBDT Notification; Assessment Quashed: ITAT Patna

Advertisement Dream Projects Vs ITO (ITAT Patna) The Patna ITAT allowed the assessee’s appeals for AYs 2014-15 and 2015-16, holding that the notices issued under Section 143(2) and the consequent assessment orders were without jurisdiction, as the Assessing Officers at Patna did not possess territorial jurisdiction over the assessee under Section 120 of the Income Tax Act and the relevant CBDT notification. The assessee, an Association of Persons engaged in construction and property development, had its registered office and principal place of business in Kolkata. It had applied for PAN u...