Assessment cannot be made on Mere Presumption of Existence of Incriminating Material: Delhi HC upholds quashing of Assessment Order [Read Order]
When no incriminating material is found during the search conducted under Section 132 of the Act, the AO will have no jurisdiction to make an assessment, Delhi HC
Delhi High Court upheld the quashing of reassessment order and held that the assessment cannot be made on mere presumption of existence of incriminating material. During the course of search, it came to light that the respondentassessee companies had shown a total amount of INR 325.23 crores as advance against property, from the three companies…
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