Applicability of Section 153C and Section 148 of the Income Tax ...

Seizure of incriminating material triggers reassessment proceedings u/s 153C, not reopening of assessment.

Case Laws Income Tax

August 30, 2024

Applicability of Section 153C and Section 148 of the Income Tax Act in cases involving seizure of incriminating material during search or requisition of documents related to an assessee other than the one against whom the search was conducted. The Rajasthan High Court's judgment clarified that if the twin conditions for invoking Section 153C are satisfied, the Assessing Officer must proceed u/s 153C, issuing notices for filing returns for relevant preceding years and assessing or reassessing the total income. Resorting to Section 148 is not permissible in such cases. The findings of the Delhi ITAT in the case of M/s Mah Impex Pvt. Ltd. involving the Surendra Kumar Jain Group were applied, allowing the assessee's appeal.

View Source

← Previous Next →

Applicability of Section 153C and Section 148 of the Income Tax ...

Seizure of incriminating material triggers reassessment proceedings u/s 153C, not reopening of assessment.

Case Laws Income Tax

August 30, 2024

You may also like:

The Rajasthan High Court examined the validity of reassessment proceedings u/s 147/148/148A OR u/s 153C/153A based on material/information collected during a search from...

Reopening of assessment u/s 147 or assessment u/s 153C - reassessment was made based on the materials found in the course of search conducted on third party - The...

The Appellate Tribunal (ITAT) considered the validity of proceedings u/s 153C, focusing on whether the satisfaction note recorded by the AO of the searched person was...

Initiating proceedings u/s 153C - The High court held that the power under Section 153C necessitates the presence of incriminating material directly pertinent to the AYs...

Validity of assessment made u/s 147 instead of u/s. 153C - Addition as unexplained cash credit u/s. 68 - Upon examination, the ITAT Delhi found that the seized material,...

Reassessment proceedings initiated solely based on an audit objection without fresh tangible material are impermissible. A mere change of opinion by the Assessing...

Assessment u/s 153C - The High court found procedural lapses in invoking Section 153C against the petitioner without concrete evidence of undisclosed transactions for...

Validity of assessment u/s 153A r.w.r.153C - proceedings under Section 148 of the Act admittedly lapsed - the lack of jurisdiction was not established by the petitioners...

Reopening of assessment u/s 147 v/s assessment u/s 153C - proceedings initiated u/s 132 - The correct course of reassessment is under section 153C not under section 147...

Reopening of assessment v/s assessment u/s 153C - The Appellate Tribunal acknowledged the argument presented by the appellant and emphasized the importance of applying...

The crux of the matter revolves around the validity of reassessment proceedings initiated by the Assessing Officer (AO). The critical issue is whether there existed any...

Reopening of assessment v/s assessment u/s 153C - The High Court concludes that both Sections 153A and 153C have an overriding effect on regular provisions for...

Reopening of assessment - under-declaration of the investment made - Whether merely because certain issues and additions were considered during the block assessment...

Assessment u/s 153A or u/s 147/148 - any incriminating information of any undisclosed income of the person not searched which was found during the course of a search...

Reopening of assessment u/s 147 - Initiation of reassessment proceedings, u/s.148 of the Act and issued notice to the assessee was based on valid reason on the strength...

Quick Updates: