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        Case ID :
        Income Tax

        ITAT quashed assessment orders under section 153C for assessment...

        ITAT quashes section 153C assessment orders due to jurisdictional defects and reduces profit estimation to 25%

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                ITAT quashed assessment orders under section 153C for assessment years 2016-17 and 2017-18, ruling that the Assessing Officer lacked jurisdiction over the assessee whose documents were found during search operations. The tribunal found that satisfaction regarding the searched person was recorded on 06.09.2018, while satisfaction for the other person was recorded on 03.09.2018, creating jurisdictional deficiency. The satisfaction dated 03.09.2018 was deemed legally invalid without proper foundational satisfaction from the searched person's AO. Regarding undisclosed business income from on-money receipts on property sales, ITAT directed estimation of 25% profit on total gross receipts instead of treating entire amounts as unaccounted sales, recognizing legitimate business expenditure against unaccounted receipts and deleting balance additions.
                                Note: It is a system-generated summary and is for quick reference only.
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                                  ActsIncome Tax
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