JAYESH KANUNGO HUF,KHETWADI, MUMBAI vs. ITO-19(2)(1), PAREL, MUMBAI

ITA 6855/MUM/2025Status: DisposedITAT Mumbai06 March 2026AY 2014-15Bench: SHRI. BIJAYANANDA PRUSETH (Accountant Member)11 pages
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What did the Tribunal hold?

The Tribunal held that the notice initiating reassessment proceedings was issued by a non-jurisdictional Assessing Officer, rendering the proceedings invalid. The assessee had also raised a timely objection to the jurisdiction.

What were the facts?

The assessee claimed exemption under Section 10(38) for LTCG on share sales. The AO treated the sale proceeds as bogus and added them to income, also adding commission. The CIT(A) upheld the AO's order.

What were the issues?

Whether reassessment proceedings initiated by a non-jurisdictional Assessing Officer are valid, and if an assessee's participation in such proceedings without challenging jurisdiction waives the defect.

Which sections of the Income-tax Act were involved?

Section 147,Section 148,Section 143(3),Section 10(38),Section 68,Section 69C,Section 124(3)(a)

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Cases cited in this judgment(2)Show list

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Income Tax Appellate Tribunal, “F” BENCH MUMBAI

Before: SHRI. BIJAYANANDA PRUSETH

For Appellant: Shri. Rajkumar Singh a/w. Ms. Asifa Khan, Shri. Nakul Agrawal Sr. DR
For Respondent: Shri. Nakul Agrawal Sr. DR
Hearing: 16.02.2026Pronounced: 06.03.2026

PER ANIKESH BANERJEE [J.M]: Instant appeal of the assessee was preferred against the order of the National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as "Ld. CIT(A)"] order passed u/s. 250 of the Income Tax Act, 1961 [hereinafter referred to as "Act"] order passed for the Assessment Year 2014-15 date of order 17.09.2025. The impugned order emanated from the order of the Ld. ITO-19(2)(1), Mumbai [hereinafter referred to as "Ld. AO"], order passed u/s. 143(3) r.w.s. 147 date of order 30.12.2017. 2 ITA No. 6855/Mum/2025 AY 2014-15 Jayesh Kanungo HUF

2.

The assessee has taken the foll

The order continues below.

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