Embezzlement losses in charitable institutions remain allowable when misappropriation is established, irrecoverable, and not a specified-person benefi...
National long-distance undertaking status supports deduction where separately licensed infrastructure, resources, revenue, and expenditure establish c...
Agency reimbursement income follows contractual deposit-liability computation, while pending deposit collections do not constitute deemed-dividend loa...
Membership-consent thresholds for oppression petitions are satisfied by unchallenged voter-list consents, while unsupported forgery claims require pro...
Under the second proviso to section 153A(1), initiation of a search abates a scrutiny assessment that remains pending for an assessment year within the prescribed search period. Accordingly, once the pending assessment for AY 2013-14 abated, the Assessing Officer had no jurisdiction to complete the regular assessment under section 143(3). The resulting assessment was non-est, and proceedings consequential upon it were also non-est.
Under the second proviso to section 153A(1), initiation of a search abates a scrutiny assessment that remains pending for an assessment year within the prescribed search period. Accordingly, once the pending assessment for AY 2013-14 abated, the Assessing Officer had no jurisdiction to complete the regular assessment under section 143(3). The resulting assessment was non-est, and proceedings consequential upon it were also non-est.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4888 
