Modified returns after business reorganisation must be assessed within pending proceedings, barring parallel scrutiny and consequential transfer prici...
Turnover mismatches under percentage-completion accounting cannot alone establish suppressed income where customer advances remain recorded as liabili...
For a non-searched person, the block period for assessment under section 153C is computed from the date seized material is handed over to, or satisfaction is recorded by, the Assessing Officer having jurisdiction over that person, rather than from the search date. Applying that rule, the relevant assessment years fell outside the permissible period, making the assessments time-barred and depriving the Assessing Officer of valid jurisdiction. ITAT upheld the relief granted to the non-searched person and dismissed the Revenue's appeals, following Supreme Court and High Court precedent.
For a non-searched person, the block period for assessment under section 153C is computed from the date seized material is handed over to, or satisfaction is recorded by, the Assessing Officer having jurisdiction over that person, rather than from the search date. Applying that rule, the relevant assessment years fell outside the permissible period, making the assessments time-barred and depriving the Assessing Officer of valid jurisdiction. ITAT upheld the relief granted to the non-searched person and dismissed the Revenue's appeals, following Supreme Court and High Court precedent.
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TaxTMI 
TaxTMI 
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