Held that the Jurisdiction over corporate assessees in metro cities with income of Rs. 30 lakhs and above was with Asstt. CIT/Dy. CIT in view of the CBDT Instruction No. 1 of 2011, dt. 31st Jan., 2011.On facts the assessee has disclosed loss of Rs. 3,29,55,888 in the relevant year, notice under s. 143(2) was correctly issued by the Dy. CIT. Rejection of books of account is justified and estimate of 10 percent of net profit is reasonable (AY. 2015-16)
Shivam Builders (P) Ltd v. Dy.CIT (2024) 230 TTJ 257 / 239 DTR 209 /38 NYPTTJ 595 / 163 taxmann.com 196 (Ahd)(Trib)
S. 143(3): Assessment-Jurisdiction-Income include loss-Corporate assessee-Jurisdiction was with ACIT/Dy. CIT-The assessee had disclosed loss of Rs. 3,29,55,888-Notice is valid-Rejection of books of account is justified-Estimate of 10 percent of net profit is reasonable. [S. 2(24), 120, 143(2), 145(2)]