Assesee can not challenges jurisdiction of Assessing Authority after accepting the same
The petitioner is a share broker. A survey was conducted under Section 133-A of the Act on 24.4.2001 in which a large number of incriminating documents were found. The AO proceeded to make enquiries in which it was found that there were serious defects in the books of accounts. Shri Ravindra Kumar Agrawal-the Director had created large number of fictitious concerns, which were not doing any business. In the circumstances the AO completed the assessment on protective basis.
Shri Ravindra Kumar Agarwal appeared and filed reply to the notice and clearly stated before the AO that his company was assessed to tax with Company Circle-1 (2) at Agra. The petitioner thus acquiesced to the jurisdiction which the AO at Agra already possessed and allowed him to complete the assessment proceedings for the assessment year 2001-02.
In the circumstances, we do not find any error in exercise of jurisdiction by the Asstt. Commissioner of Income Tax, Circle-IV (1) Agra. It is, however, made clear that we have not decided any question other than the question of jurisdiction of the Assessing Authority at Agra. ( Aayushi Stock Brokers (P.) Ltd. v. Assistant Commissioner of Income-tax)
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