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2023 (3) TMI 1150 - AT - Income TaxValidity of reassessment proceeding u/s 147 v/s 153C - material found and seized during the course of search and seizure operation - whether AO should have invoked provisions of section 153C of the Act and not section 147/148? - HELD THAT:- As identical legal issue raised by the assessee was adjudicated in favour of the assessee by case of Vikram Munishwarlal Bajaj [2018 (10) TMI 1599 - ITAT PUNE] wherein hold that the re-assessment order passed u/s 148 of the Act in the present case does not stand and therefore the assessment framed by the AO to be null and void. Re-assessment proceedings initiated against the assessee under section 147 / 148 of the Act are not warranted. The Assessing Officer after receipt of information belonging to the assessee should have invoked provisions of section 153C of the Act and not section 147 / 148 of the Act. Accordingly, we hold so - reassessment order passed under section 148 of the Act does not stand. The Assessing Officer is thus, directed to cancel the same - Decided in favour of assessee.
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