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Issues: Whether reassessment under Section 147/148 of the Income-tax Act, 1961 was sustainable when the basis of reopening was incriminating material and statements recorded in the course of search, and whether the proper course was action under Section 153-A or Section 153-C of the Act.
Analysis: The basis for reopening was found to be material collected during search, along with statements recorded in relation to that material. On that footing, the Court applied the settled position that when search-related material forms the foundation of action, the statutory route is under Section 153-A for the searched person and under Section 153-C where material belongs to or relates to another person. Reassessment under Section 148 was therefore not the appropriate jurisdictional route on the facts presented.
Conclusion: The reopening notices and reassessment orders were unsustainable and were set aside. The respondent department was left free to proceed in accordance with law under Section 153-C and other applicable provisions of the Income-tax Act, 1961.
Ratio Decidendi: Where search-related incriminating material and connected statements form the basis of action, reassessment under Section 147/148 cannot be used in place of the special search-assessment machinery under Section 153-A or Section 153-C, as applicable.
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