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2018 (11) TMI 637 - AT - Income TaxInvalidity of assessment proceedings u/s 153C - Held that:- Assessment proceedings were taken up on various occasions and assessment order under section 143(3) r.w.s. 153C was passed on 30.12.2008. In such scenario, where assessment of searched person was completed on 27.03.2006, then the handing over of seized documents by AO of searched person to the jurisdictional AO of assessee on 15.06.2007 is belated and is beyond the period prescribed in section 153C for initiation of proceedings under section 153C of the Act. Accordingly, we hold so. Even the Circular issued by CBDT dated 31.12.2015 lays down such proposition, in turn, applying the ratio laid down by the Hon'ble Supreme Court in the case of M/s. Calcutta Knitwears (2014 (4) TMI 33 - SUPREME COURT). Accordingly, we hold that proceedings initiated under section 153C of the Act are beyond the time prescribed and hence, are invalid and consequently, assessment order passed under section 143(3) r.w.s. 153C of the Act stands annulled
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