TMI Blog2023 (10) TMI 207X X X X Extracts X X X X X X X X Extracts X X X X ..... milar proceedings has to be taken even in the context of a person, who is said to have acted in consonance with the person, who was searched namely Naresh Jain and also submitted that the only option available to the Department was to issue a notice under Section 153C read with Section 158A HELD THAT:- A reading of Section 153A and 153C of the IT Act indicates that under the fourth proviso to Section 153A of the IT Act, all proceedings have abate once a machinery u/s 153A of the IT Act is invoked. A reading of Section 153 of the IT Act indicates that proviso to Section 153A of the IT Act is available for completing the assessment under Section 147 of the IT Act. Section 153C of the IT Act is only an enabling provision to issue a no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2023 passed by the second respondent under Section 147 read with Section 144B of the Income Tax Act, 1961 (hereinafter referred to as the IT Act). 2. Pursuant to a notice dated 16.03.2022 issued under Section 148A(b) of the IT Act, an order was passed under Section 148A(d) of the IT Act on 31.03.2012, pursuant to which, the impugned Assessment Order was passed on 22.03.2023. 3. The learned counsel for the petitioner would submit that the entire exercise for reopening the assessment was based on the search that is said to have taken place in the premises of one Naresh Jain and his associates. 4. In this connection, a reference is made to the following passages from the impugned Assessment Order: Thus, total income of Rs. 40,60 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a similar proceedings has to be taken even in the context of a person, who is said to have acted in consonance with the person, who was searched namely Naresh Jain. 9. The learned counsel for the petitioner further submitted that the only option available to the Department was to issue a notice under Section 153C read with Section 158A of the IT Act in the light of the decision of the Hon'ble Supreme Court in Abhisar Buildwell Private Limited case (referred to supra). 10. The learned Senior Standing Counsel for the respondents on the other hand would submit that the impugned order is well-reasoned and does not require any interference. 11. The learned Senior Standing Counsel for the respondents would further submit that the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s as under:- Provided also that no notice for assessment or reassessment shall be issued by the Assessing Officer for the relevant assessment year or years unless- (a) the Assessing Officer has in his possession books of account or other documents or evidence which reveal that the income, represented in the form of asset, which has escaped assessment amounts to or is likely to amount to fifty lakh rupees or more in the relevant assessment year or in aggregate in the relevant assessment years; (b) the income referred to in clause (a) or part thereof has escaped assessment for such year or years; and (c) the search under section 132 is initiated or requisition under section 132A is made on or after the 1st day of April, 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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