Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (12) TMI 339 - AT - Income TaxAssessment u/s 143(3) or u/s 153A r.w.s 153C - Bogus LTCG declared on sale of shares of a listed company through recognized stock exchange - HELD THAT:- There is no dispute that in the case in hand, the entire addition is based upon the incriminating material/information detected out of search proceedings u/s 132 conducted at the premises of the stock brokers. On the given facts, r.w. the above mentioned observations of the AO we do not find any merit in the submissions of the ld. DR. Even if the assessments were on going, but when search took place and when information came to the knowledge of the Revenue, pending assessments get abated as per the provisions of section 153A and proceedings u/s 153C are off shoot of proceedings u/s 153A. Therefore, the impugned assessment order should have been framed as per the provisions of section 153C of the Act as held by the Hon'ble Supreme Court in the case of Vikram Singh Bhatia [2023 (4) TMI 296 - SUPREME COURT]. Thus we set aside the assessment order as bad in law.
|