Loan agreement was found during the course of search in the case ...

Loan Agreement Found in Search Leads to Unjustified Tax Proceedings; Proper Action u/s 153C Needed.

January 16, 2020

Case Laws Income Tax AT

Loan agreement was found during the course of search in the case of another person, which is handed-over to the A.O. of the assessee and addition is made only on that basis. Therefore, there was no justification for the A.O. to have been initiated proceedings u/s 147/148 - The correct course of action would have been to proceed against the assessee u/s 153C.

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Loan agreement was found during the course of search in the case ...

Loan Agreement Found in Search Leads to Unjustified Tax Proceedings; Proper Action u/s 153C Needed.

January 16, 2020

Case Laws Income Tax AT

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