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The case involved an appeal regarding assessment under sections 153A or 153C of the Act, focusing on additions under section 69A related to credits in saving accounts and undisclosed profit calculated at 8% on gross receipts in the CC Account. The ITAT decision referenced a previous case where it was held that using a statement from a search of a third party for making additions in the assessee's case was not valid under Section 153C. The ITAT found that the assessment should have been initiated under Section 153C, not 153A, as the mandatory procedure was not followed and the assessee had no opportunity to cross-examine the witness. Consequently, the assessment order under Section 153A was deemed without jurisdiction and quashed, with the appeal by the assessee allowed.
The case involved an appeal regarding assessment under sections 153A or 153C of the Act, focusing on additions under section 69A related to credits in saving accounts and undisclosed profit calculated at 8% on gross receipts in the CC Account. The ITAT decision referenced a previous case where it was held that using a statement from a search of a third party for making additions in the assessee's case was not valid under Section 153C. The ITAT found that the assessment should have been initiated under Section 153C, not 153A, as the mandatory procedure was not followed and the assessee had no opportunity to cross-examine the witness. Consequently, the assessment order under Section 153A was deemed without jurisdiction and quashed, with the appeal by the assessee allowed.
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