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2016 (2) TMI 1218 - AT - Income TaxAssessment u/s 153C - HELD THAT:- There can hardly be any dispute that once the search action itself stands quashed, the instant proceedings have no legs to stand. We find that co-ordinate bench has accepted Revenue’s submission for alternate remedy to be exercised as per law after providing due opportunity of hearing to assessee. We also grant liberty to the department to proceed in the same terms. The impugned assessment proceedings initiated against the assessee are quashed. The Revenue’s pleadings on merits have been rendered infructuous. The assessee’s cross objections raising legal ground are accepted. Its other pleadings on merits and consequential action of penalty and interest have become academic.
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