Assessment Proceedings should be conducted u/s 153C instead of Section 147 when material is found on Third-Party Premises: ITAT [Read Order]
The assessment proceedings had to be completed under Section 153C of the Income Tax Act instead of Section 147, as the search was based on materials found at the premises of a third person.
In a recent judgement, the Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has ruled that, based on material found at a third person’s premises, assessment proceedings should be conducted under Section 153C of the Income Tax Act instead of Section 147 of the Income Tax Act, 1961 The current assessment proceedings were initiated…
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