Capital Asset Conversion Requires Proven Business Stock Treatment; Paper Consideration in Spousal Flat Transfers Does Not Create Taxable Business Inco...
Human-probability test defeats political donation deduction where banking records mask accommodation-entry fund layering and evidence shows non-genuin...
Commercial property status protects capital-gains exemption when residential-house ownership limits are tested, while agricultural-land character gove...
Investigation deposits refunded after failed customs demands fall outside the statutory appellate pre-deposit interest regime and may attract compensa...
Resolution plan finality extinguishes unquantified operational-creditor claims and pending proceedings unless the approved plan expressly preserves th...
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The High Court held that the Assessing Officer (AO) lacked jurisdiction to initiate proceedings u/s 153C of the Income Tax Act, as the necessary threshold condition of receiving books of accounts or material from the AO of the searched person was not met. However, the AO was not precluded from initiating proceedings u/s 148A based on the information available through the insight portal, suggesting that the assessee's income had escaped assessment for the relevant assessment year. The case was covered by the Supreme Court's decision in Principal Commissioner of Income Tax v. Abhisar Buildwell (P.) Ltd., which addressed the jurisdictional condition for invoking Section 153C. Additionally, the question of whether Section 153C precludes reopening assessments u/s 147/148 based on information found during a search or requisition concerning another person was also addressed against the petitioner.
The High Court held that the Assessing Officer (AO) lacked jurisdiction to initiate proceedings u/s 153C of the Income Tax Act, as the necessary threshold condition of receiving books of accounts or material from the AO of the searched person was not met. However, the AO was not precluded from initiating proceedings u/s 148A based on the information available through the insight portal, suggesting that the assessee's income had escaped assessment for the relevant assessment year. The case was covered by the Supreme Court's decision in Principal Commissioner of Income Tax v. Abhisar Buildwell (P.) Ltd., which addressed the jurisdictional condition for invoking Section 153C. Additionally, the question of whether Section 153C precludes reopening assessments u/s 147/148 based on information found during a search or requisition concerning another person was also addressed against the petitioner.
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