Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
For a non-searched person, the relevant date for determining the block period and search year under section 153C is the date on which seized material is received by the Assessing Officer having jurisdiction over that person, not the date of search in the searched person's case. On that basis, an assessment for the search-related year must be made, if at all, under section 153C read with section 153A; framing it under section 143(3) is a fatal jurisdictional defect. The impugned assessment for Assessment Year 2017-18 was therefore treated as without jurisdiction.
For a non-searched person, the relevant date for determining the block period and search year under section 153C is the date on which seized material is received by the Assessing Officer having jurisdiction over that person, not the date of search in the searched person's case. On that basis, an assessment for the search-related year must be made, if at all, under section 153C read with section 153A; framing it under section 143(3) is a fatal jurisdictional defect. The impugned assessment for Assessment Year 2017-18 was therefore treated as without jurisdiction.
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