Section 153C notice requires incriminating material tied to specific assessment year(s) before income reassessment can be issued SC dismissed the special leave petitions and declined to interfere with the HC order. The Court affirmed that for assessment under section 153C ...
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Section 153C notice requires incriminating material tied to specific assessment year(s) before income reassessment can be issued
SC dismissed the special leave petitions and declined to interfere with the HC order. The Court affirmed that for assessment under section 153C incriminating material must be identified with reference to the assessment year(s) it may affect; the jurisdictional AO must be satisfied that the material is likely to impact total income for specific year(s) (including years in a block) before issuing notice under s.153C. Absent such material casting doubt on income estimation for particular year(s), invoking s.153C is unjustified.
"Delay condoned." After hearing counsel for the petitioners and perusal of record, the Court stated that "we see no reason to interfere with the impugned order passed by the High Court." Consequently, "The Special Leave Petitions are, accordingly, dismissed." Pending application(s), if any, "stands disposed of." The decision reflects a refusal to re-examine the High Court's order on the present record and disposition of the petition on merits/procedural grounds as articulated.
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