Search Assessment shall be Computed u/s 153 of Income Tax, not u/s 147: ITAT quashes Assessment order [Read Order]

Both the AO and CIT(A) erred in law by ignoring the established legal position that any material found during a search that belongs to a person other than the one searched should be assessed under Section 153C, not under Section 147
By Aiswarya Krishnadas - On August 30, 2024 12:41 pm - 2 mins read
ITAT Delhi - ITAT - under Section 147 of the Income Tax Act - Income Tax Act - Income Tax Appellate Tribunal - Commissioner of Income Tax - Assessing Officer - TAXSCAN

In a recent ruling, the Delhi bench of the Income Tax Appellate Tribunal (ITAT) quashed the assessment order, clarifying that the both the Assessing Officer and Commissioner of Income Tax (Appeals) erred in law by ignoring the established legal position that any material found during a search belonging to a person other than the one…

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