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TMI Blog2021 (4) TMI 714X X X X Extracts X X X X X X X X Extracts X X X X ..... ment himself has formed the view that the income of the assessee has escaped assessment nor the Officer who had recorded reasons applied his mind to the submissions of the assessee that there was no escapement of income on the issue raised by the ACIT, Circle-2. Moreover, the case has been transferred by the ACIT, Circle-2 himself for which he did not have the jurisdiction under the provisions of section 127 of the Act. So, in this case, the ITO, Ward-2(2) had no jurisdiction to continue with the assessment which was transferred by the ACIT, Circle-2, rather, as per the provisions of the Act, the ITO, Ward-2(2) if wanted to make reassessment of the assessment, he himself should have formed the belief of the escapement of income or in the al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. DR has not objected to the same. 5. The ld. Counsel for the assessee at the outset has brought my attention to the fact that in this case the notice u/s. 148 of the Act for reopening of the assessee was issued by Assistant Commissioner of Income Tax, Circle-2, Guwahati [in short 'ACIT, Circle-2']. He has further brought my attention to the assessment order framed u/s. 147 of the Act to show that the assessment order has been passed by Income Tax Officer, Ward-2(2), Guwahati [in short 'ITO, Ward-2(2)']. The ld. Counsel has further invited my attention to page 23 of the paper-book which is a copy of the letter dated 16.08.2018 issued by the ACIT, Circle-2 vide which he has transferred a total of 11 cases to ITO, Ward-2(2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dy reference, is reproduced hereunder: As per the information available on record, during the financial year 2010-11 relevant to the A.Y. under consideration, the assessee had made transactions on two counts in Commodity market through the following brokers: 1. SLA commodities and Derivatives Private Limited (client code-CL0383) amounting to ₹ 85,90,750/- and thereby earned profit of ₹ 2,13,500/- 2. Revive Traders Private Limited (client code-CL0230) amounting to ₹ 74,19,000/- and thereby earned profit ₹ 2,11,450/-. The total amount of profit earned through the above transactions in commodity market was ₹ 4,24,950/-. On perusal of your return in ITR-4 for the assessment year under consi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... area otherwise for which the jurisdiction as exercised by ITO. The second contention raised by the ld. DR is that even the assessee did not raise objection within 30 days regarding the jurisdiction of the Assessing Officer as provided u/s. 124(3) of the Act and therefore, at this stage, the assessee was estopped from raising this objection. 8. I have considered the rival contentions and gone through the record. So far as the first point is concerned, though the ACIT, Circle-2 and ITO, Ward-2(2) may have concurrent jurisdiction but as per the provisions of section 127 of the Act, the cases could have been transferred by the Commissioner of Income Tax only. The ACIT, Circle-2 himself did not have any jurisdiction to transfer the case to th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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