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2015 (6) TMI 762 - AT - Income TaxValidity of Section 153C proceedings challenged - Deemed dividend addition u/s.2(22)(e) - Held that:- Neither there existed any incriminating material as contemplated u/s.153C of the Act nor is the present a case of a valid satisfaction recorded therein. We reiterate that this is a case of search proceedings wherein the Revenue’s powers have to be strictly interpreted. We conclude accordingly that the initiation of section 153C proceedings against the assessee under challenge is liable to be quashed. The assessee’s legal grounds succeeds. - Decided in favour of assessee.
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