Independent show-cause notices remain separate proceedings, while customs adjudication challenges should ordinarily follow the statutory appellate rem...
Institutional incapacity in customs settlement proceedings excludes non-functional quorum periods from statutory disposal timelines, preventing automa...
Interactive touchscreen panels with integrated computing functions fall under automatic data-processing machines rather than display monitors for cust...
Ex parte injunction service requirements were substantially met, while civil recovery and SFIO investigation into provident fund defalcation continued...
Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
Interplay between Sections 153C and 147 of the Income Tax Act, specifically whether recourse to Section 147 is available when the Assessing Officer (AO) is empowered to proceed u/s 153C. It was held that Section 153C enables the AO to assess or reassess income where incriminating assets, material, or documents are found during a search u/s 132 or requisition u/s 132A in respect of another person. However, in the present case, the jurisdictional conditions to initiate proceedings u/s 153C were not satisfied as the AO of the searched person did not record a satisfaction note and transmit relevant material to the Assessee's AO. The reassessment proceedings were initiated u/s 147 based on information received from the Investigation Wing regarding the Assessee's purchase of penny stock units. Since the AO did not assume jurisdiction u/s 153C, the non-obstante clause of Section 153C would not override Sections 147, 148, and 149, and the decision to reassess u/s 147 was upheld.
Interplay between Sections 153C and 147 of the Income Tax Act, specifically whether recourse to Section 147 is available when the Assessing Officer (AO) is empowered to proceed u/s 153C. It was held that Section 153C enables the AO to assess or reassess income where incriminating assets, material, or documents are found during a search u/s 132 or requisition u/s 132A in respect of another person. However, in the present case, the jurisdictional conditions to initiate proceedings u/s 153C were not satisfied as the AO of the searched person did not record a satisfaction note and transmit relevant material to the Assessee's AO. The reassessment proceedings were initiated u/s 147 based on information received from the Investigation Wing regarding the Assessee's purchase of penny stock units. Since the AO did not assume jurisdiction u/s 153C, the non-obstante clause of Section 153C would not override Sections 147, 148, and 149, and the decision to reassess u/s 147 was upheld.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
