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2024 (3) TMI 1119 - AT - Income TaxJurisdiction powers to issue Reopening notice in metro city - notice u/s 148 issued by an officer who had no jurisdiction over the Petitioner - accommodation entries of long term capital gain in penny stock - as alleged the return of income filed by the assessee is more than ₹ 30 lacs and as assessee is resident of Mumbai, the jurisdiction of the assessee lies with Astt. Commissioner of Income Tax or Dy. Commissioner of Income Tax and not with the Income Tax Officer - HELD THAT:- The instruction no.1 of 2011, dated 31st January, 2011, clearly provided that assessee being a corporate resident of metro city, having filed return of income at a loss of ₹2.73 crores, will have a jurisdiction of the Dy. Commissioner or Asst. Commissioner of Income Tax only. As decided in case of Ashok Devi Chand Jain [2022 (3) TMI 1466 - BOMBAY HIGH COURT] considering the above instruction has categorically held that the notice issued in that case by the ITO, where the income of the assessee was ₹64.34 lacs is correctly without jurisdiction. The Hon'ble High Court also held that notice under Section 148 of the Act is jurisdictional notice and any defect therein is not curable. - Decided in favour of assessee.
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