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2014 (7) TMI 8 - HC - Income TaxInterpretation of section 153C - power of AO to assess the income of any other person – Transferable development rights - post search and seizure assessment - Held that:- a casual resort to section 153C of the Act is impermissible. There must be some basis for proceeding under section 153C of the Act - The Tribunal referred to the seized documents - the seized documents referred to a transaction in relation to transferable development rights - the TDR was taken over by the retiring partner - Tribunal was rightly of the view that the seized documents may relate to the TDR that may have been handed over or taken over by retiring partner - merely because the document evidencing the transaction was in possession of the Department, it could not have issued notice to any other person within the meaning of section 153C of the Act particularly so as to reopen the concluded issue - there must be some basis for proceeding u/s 153C of the Act - every single observation and finding of the order of the Tribunal must be read in the backdrop of the facts peculiar to the case of the assessee and not laying down any general rule or law so also the controversy based on construction or interpretation of the provisions not being gone into – thus, no substantial question of law arises for consideration - Decided against Revenue.
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