Alternate statutory remedy governs GST assessment challenge, with statutory appeal preserved and limitation objection barred for the permitted filing ...
Incriminating documents seized during search were routine business records, not evidence of income suppression. Assessment u/s 153A invalid when regular assessment completed. Supreme Court's Abhisar Buildwell judgment relied upon. No violation of Section 47(xiii) provisos found - partners withdrew capital after reorganization, not as consideration for transfer. Madras High Court's CADD Centre judgment supported exemption u/s 47(xiii). Income Tax Appellate Tribunal set aside orders treating firm's assets/liabilities as taxable long-term capital gains u/s 45(4), allowing assessee's appeal.
Incriminating documents seized during search were routine business records, not evidence of income suppression. Assessment u/s 153A invalid when regular assessment completed. Supreme Court's Abhisar Buildwell judgment relied upon. No violation of Section 47(xiii) provisos found - partners withdrew capital after reorganization, not as consideration for transfer. Madras High Court's CADD Centre judgment supported exemption u/s 47(xiii). Income Tax Appellate Tribunal set aside orders treating firm's assets/liabilities as taxable long-term capital gains u/s 45(4), allowing assessee's appeal.
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