Assessment u/s 153C - Unexplained investment being share capital ...

Assessment u/s 153C Quashed: Lack of Incriminating Material and Non-Compliance with Pre-Conditions.

July 13, 2024

Case Laws Income Tax AT

Assessment u/s 153C - Unexplained investment being share capital and share premium - no incriminating material seized during search. CIT(A) held that three conditions u/s 153C not satisfied cumulatively and simultaneously. No incriminating document found as a result of search, no satisfaction recorded for relevant assessment years. Non-satisfaction of pre-conditions in Section 153C renders notice legally unsustainable. Ratio of Sinhagad Technical Education Society and Index Security Pvt. Ltd. applied. Validity of notice u/s 153C barred by limitation - Search on 11.11.2014, satisfaction recorded on 02.12.2016. Block of 6 years for searched person from AY preceding search year. For person other than searched person, block of 6 years preceding year of recording satisfaction. AY 2009-10 and 2010-11 out of block, assessment order quashed being invalid. Ratio of Jasjit Singh followed. Decided in favor of assessee.

View Source

← Previous Next →

Assessment u/s 153C - Unexplained investment being share capital ...

Assessment u/s 153C Quashed: Lack of Incriminating Material and Non-Compliance with Pre-Conditions.

July 13, 2024

Case Laws Income Tax AT

You may also like:

Validity of assessment u/s 153A regarding unexplained cash credits u/s 68, absence of incriminating material found during search proceedings, and lack of valid approval...

The Appellate Tribunal held that the Assessing Officer (AO) did not satisfy the condition precedent before issuing a notice u/s 153C of the Income Tax Act against the...

Assessment u/s 153A - Addition u/s 69A by the Assessing Officer on account of difference in amount credited in bank and sale proceeds shown in the income tax return. It...

ITAT held that assessment framed u/s 153C for AY 2011-12 is barred by limitation and vitiated due to lack of valid 'satisfaction note', rendering entire proceedings...

The Appellate Tribunal held that the assessment orders issued u/s 153C for the assessment years 2011-12 and 2012-13 were beyond the jurisdiction of the Assessing Officer...

Assessment u/s 153C/153A - Addition u/s 68 - Seized incriminating material has to pertain to the assessment year in question and have co-relation, document-wise, with...

Assessment u/s 153C versus 143 - Additions u/s 45 - Underreporting of sale consideration for immovable property while framing the Assessment Order u/s 143(3) - Whether...

Assessment u/s 153C - Profit estimation on money received for new construction and redevelopment projects - extrapolation of income for the search period. The assessee...

Assessment u/s 153C - undisclosed income of the present assessee - As per the provisions of section 153C of the Act, incriminating material which was seized had to...

The ITAT Delhi addressed the validity of additions in an assessment u/s 153A without incriminating material post a search u/s 132. Citing Abhisar Buildwell (P) Ltd., the...

HC ruled on validity of assessment under Section 153C, clarifying that discovery of documents pertaining to third parties during search operations triggers jurisdiction,...

The Appellate Tribunal considered the validity of assessment u/s 153A regarding the inclusion of incriminating documents seized during a search. Referring to the Kabul...

The assessment u/s 153C mandates the recording of satisfaction by the Assessing Officer (AO) upon discovery of material likely to "have a bearing on the determination of...

A consolidated satisfaction note was prepared for multiple assessment years instead of separate notes, rendering the assessment proceedings u/s 153C invalid. The ITAT...

ITAT ruled against Revenue's addition under s153A for alleged bogus purchases. Assessment was based solely on pre-search statements from ML and DK without supporting...

Quick Updates: