Assessment u/s 153C versus 143 - Additions u/s 45 -...

Assessment u/s 153C versus 143 - Additions u/s 45 - Underreporting of sale consideration for immovable property while framing the Assessment Order u/s 143(3) - Whether the Assessment Order passed by the Assessing Officer u/s 143(3) is illegal and not maintainable in view of the specific provisions of Section 153C. A search action u/s 132 was carried out, and documents were seized. The Assessing Officer recorded a 'Satisfaction Note' u/s 153C. In view of the express satisfaction note recorded u/s 153C for different Assessment Years, including the Assessment Year in question, the proceedings initiated u/s 143(2) for regular assessment must be abated and give way to the special provisions of Section 153C. A similar issue was adjudicated in a case, wherein the assessments framed u/s 143(3) were quashed. Considering the scheme of the Act for assessment of persons other than searched persons codified u/s 153C, the Assessment Order passed u/s 143(3) for the Assessment Year in question stands quashed. Decided in favor of the assessee.