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Unabated assessments under section 153A permit additions for escaped income only where incriminating material is found during the search. In the absence of such assessee-specific material, the additions were deleted. Reassessment initiated on recorded reasons that misstated the assessee's investment and conflicted with the investee company's financial statements reflected non-application of mind; the reassessment was therefore void from inception and quashed, with merits left open. Penalty under section 271(1)(c) could not survive once its sole supporting quantum addition had been deleted, and was consequently deleted.
Unabated assessments under section 153A permit additions for escaped income only where incriminating material is found during the search. In the absence of such assessee-specific material, the additions were deleted. Reassessment initiated on recorded reasons that misstated the assessee's investment and conflicted with the investee company's financial statements reflected non-application of mind; the reassessment was therefore void from inception and quashed, with merits left open. Penalty under section 271(1)(c) could not survive once its sole supporting quantum addition had been deleted, and was consequently deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4879 
