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2017 (6) TMI 291 - AT - Income TaxAddition on bogus loan entries - assessment proceedings initiated against the assessee u/s. 158BD - Held that:- In the present case since proceeding u/s. 158BC have been dropped there is no question of initiation proceedings u/s. 158BD of the Act. The road to Section 158BD pass through Section 158BC. In the present case since there is no assessment u/s. 158BC, the proceeding u/s. 158BD has to fail. Considering the provisions of section 158BD r.w.s. 158BC and the decision in the case of Commissioner of Income Tax Vs. Smt. Annapoornamma Chandrashekar (2011 (9) TMI 751 - KARNATAKA HIGH COURT ) we are of the considered view that the assessment proceedings initiated against the assessee u/s. 158BD are invalid and are liable to be quashed. Accordingly, the appeal of the assessee is allowed and that of the Department is dismissed.
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