9911796707
TMI Blog2024 (4) TMI 800X X X X Extracts X X X X X X X X Extracts X X X X ..... ith the submissions of assessee wherein by placing reliance upon the case of ITO vs. Almak Finance P. Ltd. [ 2020 (10) TMI 795 - ITAT DELHI] it was held that when authorities have no jurisdiction over the assessee, the act done by such authority is bad in law and void ab initio. Thus, it is the claim of the assessee that by not disputing jurisdiction u/s 124 (3) of the Act, right to challenge the jurisdiction will not be lost forever, thus the defect is not curable u/s 292B 292BB. Thus we hold that AO did not have jurisdiction and accordingly, the assessment order is liable to be quashed as such. Therefore, by holding that notices were issued from non-jurisdictional AO, the assessment order is hereby quashed. Appeal of the assessee is allow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r banking channels and as per the rules and regulations of the Stock Exchange. 6. On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in confirming the addition by misinterpreting the financials of the companies whose shares were sold by the assessee. 7. On the facts and circumstances of the case, the learned CIT(A) has grossly erred both on facts and in law in confirming the above addition by indulging in surmises without bringing on any direct evidence against the assessee, only on the basis of presumption and assumption. 8. On the facts and circumstances of the case, the learned CIT(A) has grossly erred both on facts and in law in confirming the above addition despite the fact that the additi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and circumstances of the case, the assessment order was passed without service/issuance within LIMITATION PERIOD of any valid notice u/s 143(2) of the Act and therefore the assessment order passed is bad in law and should be quashed. 4. Upon careful consideration, we note that the additional grounds raised are having legal issue and go to the root of the matter at the touchstone of the case of NTPC Ltd. vs. CIT, (1998) 229 ITR 0383 (SC), hence we admit the aforesaid grounds. 5. In respect of the additional grounds, ld. Counsel made following submissions :- Ld DR vide Letter No 1393 dt 23-02-2023, along with written submissions dt 20-03-2023 submitted the comments on Additional Ground of Appeal, from which it was clear that AO Ward 58(2)-Ne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pellant submitted written submission on 14-02-2023 and placed Reliance on following Hon'ble SC in the case of CIT vs Hotel Blue Moon (2010) 321 ITR 362 (SC) Hon'ble ITAT Kolkatta - ITA-2456/Kol/2019 Pronounced on 10- 03-2021 = Shivam Dhatu Udyog Ltd vs DCIT-Kolkata Hon'ble ITAT Chandigarh -ITA-1163/Chd/2018 Pronounced on 01-08-2019 = H P Singh Ors vs ITO Mohali Hon'ble Punjab Haryana High Court in the case of CIT vs Norton Motors (2005) 275 ITR 595 (P H) Hon'ble ITAT Mumbai-ITA-3599/Mum/2016 Pronounced on 20- 12-2017 = Tiny Girl Clothing Co P Ltd vs DCIT, Mumbai Hon'ble ITAT Delhi-ITA-6793/Del/2018, Pronounced on 16-03- 2021, Sajan Kumar Jain vs DClT-Delhi Hon'ble ITAT Mumbai-ITA-3769/Mum/2016, Pronounced on 15- ..... X X X X Extracts X X X X X X X X Extracts X X X X
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