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2019 (9) TMI 898 - AT - Income TaxReopening of assessment u/s 147 or 153C - assessment proceedings were initiated mainly on the information found during the search proceedings - HELD THAT:- AO has issued notice u/s.148 of the Act and initiated proceedings with the information or incriminating material found during the search in the case of M/s. Sri Sai Kamal Construction Group. As per the material found during the search, assessee has purchased 10 acres of land at Dargah Inmulnarva Village, Kothur Mandal, Mahaboobnagar and paid an amount of ₹ 1,19,00,000/-. Since the assessment proceedings were initiated mainly on the information found during the search proceedings and it was found that assessee is a party to the transactions and the same material was brought on record to complete the assessment u/s.147 of the Act, however, jurisdiction lies to initiate proceedings u/s.153C of the Act and not u/s.148 of the Act. Even it is not brought on record whether there is proper satisfaction recorded by the AO of the search party as well as AO of the assessee. We set aside the order of CIT(A) and quash the assessment made by the AO u/s 143(3) r.w.s. 147 of the Act. Since the very assessment is quashed, the additions made in such assessment automatically get cancelled. Hence, this appeal of assessee is allowed.
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