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Assessing Officer jurisdiction after statutory transfer invalidates reassessment notices issued by transferor officers and nullifies resulting proceed...
Consequential appeal-effect orders must implement rectification deleting working-capital adjustments and reconsider the resulting arm's-length range c...
Discounted cash flow valuation protects share premium where projections are reasonable, while audited book expenses defeat unexplained-expenditure add...
Section 54 construction relief survives pre-transfer commencement when completion occurs within the statutory period, excluding ineligible spouse-owne...
Assessment u/s 147 versus 153C - choice of correct course of assessment. The assessee's name featured in the list of beneficiaries of accommodation entries by way of share capital premium/loan. The Assessing Officer did not record a satisfaction note or forward it to the assessee's Assessing Officer, failing to satisfy the conditions for reopening assessment u/s 153C. Recourse to Section 147 based on information received by the Investigation Wing was not precluded. The search in Jain Brothers' case was conducted on 14.09.2010. Section 153C(1) then allowed assessment/reassessment of income u/s 153C only if assets, documents, or books belonged to the person other than the searched person. On 12.03.2013, when the Assessing Officer received information, reassessment u/s 153C was impermissible. The amendment by Finance Act, 2015, applicable to searches before 01.06.2015, did not impact this case. The jurisdictional condition for the Assessing Officer to assume jurisdiction u/s 153C was not satisfied, aligning with Abhisar Buildwell (P.) Ltd. The appeal is allowed, and the assessee's appeal is restored before the ITAT for consideration on other grounds.
Assessment u/s 147 versus 153C - choice of correct course of assessment. The assessee's name featured in the list of beneficiaries of accommodation entries by way of share capital premium/loan. The Assessing Officer did not record a satisfaction note or forward it to the assessee's Assessing Officer, failing to satisfy the conditions for reopening assessment u/s 153C. Recourse to Section 147 based on information received by the Investigation Wing was not precluded. The search in Jain Brothers' case was conducted on 14.09.2010. Section 153C(1) then allowed assessment/reassessment of income u/s 153C only if assets, documents, or books belonged to the person other than the searched person. On 12.03.2013, when the Assessing Officer received information, reassessment u/s 153C was impermissible. The amendment by Finance Act, 2015, applicable to searches before 01.06.2015, did not impact this case. The jurisdictional condition for the Assessing Officer to assume jurisdiction u/s 153C was not satisfied, aligning with Abhisar Buildwell (P.) Ltd. The appeal is allowed, and the assessee's appeal is restored before the ITAT for consideration on other grounds.
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TaxTMI 
TaxTMI 
of 4881 
