Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (5) TMI 362 - HC - Income TaxValidity of petition u/s 153C of the Act - Validity of Reference made to DVO – Valuation of immovable properties – Held that:- At this stage no interference is called for - Section 153C of the Act pertains to assessment of income of persons other than one who is subjected to search - Subsection (1) of section 153C provides that where any AO is satisfied that any money, bullion, jewellery or other valuable article or thing or books of account or documents seized or requisitioned belongs or belonged to a person other than the person referred to in section 153A, then the books of account or documents or assets seized or requisitioned shall be handed over to the AO having jurisdiction over such other person and that AO shall proceed against each such other person and issue such other person notice and assess or reassess income of such other person in accordance with the provisions of section 153A of the Act - Section 158BD of the Act makes similar provisions for block assessment of undisclosed income of persons other than the searched person. In context of section 158BD of the Act – Relying upon CIT v. Calcutta Knitwears [2014 (4) TMI 33 - SUPREME COURT] – the contention that notice u/s 153C of the Act could not have been issued after search operations were over cannot be accepted. Relying upon Indo Asahi Glass Co. Ltd. v. ITO [2001 (9) TMI 5 - SUPREME Court] – the petition cannot be entertained in view of the availability of statutory remedies - no opinion on the validity of the reference is expressed - it would be open for the petitioner to raise all contentions with respect to the validity of the notice u/s 153C as well as the reference made to the DVO before the appropriate forum – Decided against Assessee.
|